{"id":52527,"date":"2026-07-27T01:49:45","date_gmt":"2026-07-27T01:49:45","guid":{"rendered":"https:\/\/www.vtmarkets.com\/zh-ca\/uncategorized\/52527\/"},"modified":"2026-07-27T01:49:45","modified_gmt":"2026-07-27T01:49:45","slug":"what-is-berkshire-hathaway","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/discover\/52527\/","title":{"rendered":"\u4f2f\u514b\u5e0c\u723e\u54c8\u6492\u97cb\u80a1\u7968\uff1a\u662f\u751a\u9ebc\u3001\u8ab0\u6301\u6709\u53ca\u5176\u4e3b\u8981\u6301\u80a1\u7d44\u5408"},"content":{"rendered":"<\/p>\n<ul class=\"wp-block-list\"><\/ul>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u751a\u9ebc\u662f\u5df4\u90e1\uff1f\u7531\u5931\u6557\u7d21\u7e54\u5ee0\u8b8a\u6210\u842c\u5104\u7f8e\u5143\u7d9c\u5408\u4f01\u696d<\/h2>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u662f\u591a\u5143\u5316\uff08diversified\uff0c\u5373\u696d\u52d9\u5206\u6563\u65bc\u4e0d\u540c\u7bc4\u7587\uff09\u63a7\u80a1\u516c\u53f8\uff0c\u7e3d\u90e8\u4f4d\u65bc\u5167\u5e03\u62c9\u65af\u52a0\u5dde\u5967\u99ac\u54c8\u3002\u516c\u53f8\u6c92\u6709\u55ae\u4e00\u300c\u4e3b\u6253\u7522\u54c1\u300d\uff0c\u800c\u662f\u6301\u6709\u591a\u9593\u71df\u904b\u4f01\u696d\u7684\u63a7\u80a1\u6b0a\uff08controlling stake\uff0c\u5373\u6301\u80a1\u8db3\u4ee5\u4e3b\u5c0e\u6c7a\u7b56\uff09\uff0c\u540c\u6642\u6301\u6709\u591a\u9593\u4e0a\u5e02\u516c\u53f8\u7684\u5c11\u6578\u80a1\u6b0a\uff08minority stake\uff0c\u5373\u975e\u63a7\u80a1\u6301\u80a1\uff09\uff1b\u8cc7\u91d1\u4e3b\u8981\u4f86\u81ea\u4fdd\u96aa\u696d\u52d9\u7522\u751f\u7684\u73fe\u91d1\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u8d77\u6e90\u4e26\u4e0d\u5149\u9bae\uff1a\u5b83\u539f\u662f\u65b0\u82f1\u683c\u862d\u5730\u5340\u7684\u7d21\u7e54\u4f01\u696d\uff0c1960\u5e74\u4ee3\u521d\u5df4\u83f2\u7279\u958b\u59cb\u8cb7\u5165\u5176\u80a1\u4efd\uff0c1965\u5e74\u53d6\u5f97\u63a7\u5236\u6b0a\uff0c\u4e4b\u5f8c\u7d0420\u5e74\u9010\u6b65\u9000\u51fa\u7d21\u7e54\u696d\uff0c\u4e26\u4ee5\u516c\u53f8\u67b6\u69cb\u4f5c\u70ba\u6536\u8cfc\u5e73\u53f0\u30021967\u5e74\u6536\u8cfc\u9996\u9593\u4fdd\u96aa\u516c\u53f8National Indemnity\uff0c\u5960\u5b9a\u81f3\u4eca\u7684\u904b\u4f5c\u6a21\u5f0f\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">2025\u8ca1\u653f\u5e74\u5ea6\uff0c\u5df4\u90e1\u9304\u5f97<strong><a href=\"https:\/\/www.investopedia.com\/how-berkshire-hathaway-makes-money-4801173\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u7e3d\u6536\u51653,714\u5104\u7f8e\u5143\uff0c\u80a1\u6771\u61c9\u4f54\u7d14\u5229669.7\u5104\u7f8e\u5143<\/a><\/strong>\uff0c\u8f03\u4e0a\u4e00\u5e74\u7684890\u5104\u7f8e\u5143\u4e0b\u8dcc\uff0c\u4e3b\u56e0\u662f\u5176\u4e0a\u5e02\u80a1\u7968\u6309\u5e02\u50f9\u8a08\u503c\uff08mark-to-market\uff0c\u5373\u4ee5\u671f\u672b\u5e02\u5834\u50f9\u683c\u91cd\u4f30\u8cc7\u7522\uff0c\u4ee4\u5e33\u9762\u76c8\u8667\u96a8\u5e02\u6cc1\u6ce2\u52d5\uff09\u5e36\u4f86\u6ce2\u52d5\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5df4\u90e1\u5167\u90e8\u7684\u5169\u500b\u300c\u5f15\u64ce\u300d<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u7406\u89e3\u5df4\u90e1\u80a1\u7968\uff0c\u95dc\u9375\u662f\u5206\u6e05\u4f60\u8cb7\u5165\u7684\u5169\u90e8\u5206\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u5f15\u64ce\u4e00\uff1a\u5168\u8cc7\u71df\u904b\u696d\u52d9\u3002<\/strong>\u9019\u4e9b\u696d\u52d9\u6703\u5408\u4f75\u5165\uff08consolidated\uff0c\u5373\u628a\u9644\u5c6c\u516c\u53f8\u696d\u7e3e\u7d0d\u5165\u96c6\u5718\u5831\u8868\uff09\u5df4\u90e1\u640d\u76ca\u8868\uff0c\u4e26\u4e0d\u6703\u51fa\u73fe\u572813F\u3002\u5305\u62ec\uff1a<\/p>\n<p><\/p>\n<p><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u696d\u52d9<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u696d\u52d9\u5167\u5bb9<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u898f\u6a21<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">GEICO<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u79c1\u4eba\u4e58\u7528\u8eca\u6c7d\u8eca\u4fdd\u96aa\uff0c1996\u5e74\u5168\u8cc7\u6536\u8cfc<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7f8e\u570b\u7b2c\u4e8c\u5927\u6c7d\u8eca\u4fdd\u96aa\u516c\u53f8<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BNSF Railway<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8ca8\u904b\u9435\u8def\uff0c2010\u5e74\u6536\u8cfc<\/td><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u71df\u904b\u73fe\u91d1\u6d4181\u5104\u7f8e\u5143\uff0c\u4e0a\u7e73\u5df4\u90e144\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Berkshire Hathaway Energy<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u53d7\u76e3\u7ba1\u516c\u7528\u4e8b\u696d\uff08regulated utilities\uff0c\u5373\u96fb\u529b\/\u71c3\u6c23\u7b49\u53d7\u653f\u5e9c\u76e3\u7ba1\u5b9a\u50f9\u7684\u670d\u52d9\uff09\u53ca\u7ba1\u9053<\/td><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u6536\u5165262\u5104\u7f8e\u5143\uff0c\u7d04540\u842c\u96f6\u552e\u5ba2\u6236\uff0c\u7d0423,900\u540d\u54e1\u5de5<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Berkshire Hathaway Reinsurance<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5927\u578b\u518d\u4fdd\u96aa\uff08reinsurance\uff0c\u5373\u4fdd\u96aa\u516c\u53f8\u5411\u5176\u4ed6\u4fdd\u96aa\u516c\u53f8\u8f49\u79fb\u98a8\u96aa\uff09\u53ca\u5de8\u707d\u4fdd\u969c<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6295\u8cc7\u300c\u6d6e\u5b58\u91d1\u300d\u4e3b\u8981\u4f86\u6e90<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Precision Castparts<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u822a\u7a7a\u822a\u5929\u96f6\u4ef6\uff0c2016\u5e74\u6536\u8cfc<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u8cfc\u4f5c\u50f9\u7d04370\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Pilot Travel Centers<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8ca8\u8eca\u52a0\u6cb9\u7ad9\u53ca\u71c3\u6599\u96f6\u552e\uff0c2024\u5e74\u53d6\u5f97\u5b8c\u5168\u63a7\u5236<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7f8e\u570b\u6700\u5927\u65c5\u904a\u4e2d\u5fc3\u7db2\u7d61<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5176\u4ed6<\/td><td class=\"has-text-align-center\" data-align=\"center\">See&#8217;s Candies\u3001Dairy Queen\u3001Duracell\u3001Clayton Homes\u3001NetJets\u3001Marmon\u3001McLane\u3001Fruit of the Loom\u3001Benjamin Moore\u3001Shaw Industries\u3001Lubrizol\u3001Forest River\u3001Brooks<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5408\u5171\u7d04190\u9593\u9644\u5c6c\u516c\u53f8<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">2025\u5e7410\u6708\uff0c\u5df4\u90e1\u540c\u610f\u4ee5<strong>97\u5104\u7f8e\u5143\u6536\u8cfcOccidental Petroleum\u65d7\u4e0b\u5316\u5b78\u54c1\u90e8\u9580OxyChem<\/strong>\uff0c\u70ba\u4e09\u5e74\u4f86\u6700\u5927\u4ea4\u6613\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u5f15\u64ce\u4e8c\uff1a\u4e0a\u5e02\u80a1\u7968\u6295\u8cc7\u7d44\u5408\u3002<\/strong>\u537313F\u6bcf\u5b63\u62ab\u9732\u7684\u53ef\u8cb7\u8ce3\u80a1\u7968\uff08marketable equities\uff0c\u5373\u53ef\u5728\u5e02\u5834\u6210\u4ea4\u7684\u4e0a\u5e02\u80a1\u7968\uff09\u7d44\u5408\uff0c\u5e02\u503c\u7d042,631\u5104\u7f8e\u5143\uff0c\u4ea6\u662f\u5927\u773e\u5e38\u8aaa\u7684\u300c\u5df4\u83f2\u7279\u6295\u8cc7\u7d44\u5408\u300d\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5169\u8005\u4e4b\u9593\u7684\u9023\u7d50\u662f\u4fdd\u96aa\u6d6e\u5b58\u91d1\uff08insurance float\uff0c\u5373\u4fdd\u8cbb\u5148\u6536\u3001\u8ce0\u6b3e\u7a0d\u5f8c\u624d\u652f\u4ed8\uff0c\u671f\u9593\u5f62\u6210\u53ef\u6295\u8cc7\u8cc7\u91d1\uff09\u3002\u4fdd\u55ae\u6301\u6709\u4eba\u4eca\u65e5\u7e73\u4fdd\u8cbb\uff0c\u7d22\u511f\u53ef\u80fd\u591a\u5e74\u5f8c\u624d\u652f\u4ed8\uff0c\u9019\u6bb5\u6642\u9593\u5df4\u90e1\u53ef\u904b\u7528\u76f8\u95dc\u8cc7\u91d1\u4f5c\u6295\u8cc7\u3002\u6d6e\u5b58\u91d1\u672c\u8cea\u4e0a\u662f\u6210\u672c\u4f4e\u3001\u671f\u9650\u9577\u7684\u69d3\u687f\u4f86\u6e90\uff0c\u662f\u6563\u6236\u96e3\u4ee5\u8907\u88fd\u7684\u7d50\u69cb\u6027\u512a\u52e2\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5df4\u90e1\u80a1\u7968\u6578\u64da\u4e00\u89bd\uff082026\u5e747\u6708\uff09<\/h3>\n<p><\/p>\n<p><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u6307\u6a19<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u6578\u503c<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5e02\u503c<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d041.058\u842c\u5104\u7f8e\u5143\uff08\u5168\u7403\u7b2c14\u5927\u516c\u53f8\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BRK.A\u80a1\u50f9<\/td><td class=\"has-text-align-center\" data-align=\"center\">733,526\u7f8e\u5143\uff082026\u5e747\u670821\u65e5\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BRK.B\u80a1\u50f9<\/td><td class=\"has-text-align-center\" data-align=\"center\">489.39\u7f8e\u5143\uff082026\u5e747\u670822\u65e5\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u6536\u5165<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,714\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u7d14\u5229<\/td><td class=\"has-text-align-center\" data-align=\"center\">669.7\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2026\u5e74\u9996\u5b63\u71df\u904b\u76c8\u5229\uff08operating earnings\uff0c\u5373\u6263\u9664\u6295\u8cc7\u4f30\u503c\u6ce2\u52d5\u7b49\u975e\u6838\u5fc3\u9805\u76ee\u7684\u6838\u5fc3\u76c8\u5229\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">113.5\u5104\u7f8e\u5143\uff08\u6309\u5e74+18%\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2026\u5e74\u9996\u5b63\u6de8\u5229\u6f64<\/td><td class=\"has-text-align-center\" data-align=\"center\">101\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u73fe\u91d1\u53ca\u77ed\u671f\u7f8e\u570b\u570b\u5eab\u5238\uff082026\u5e743\u670831\u65e5\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,974\u5104\u7f8e\u5143\uff08\u5275\u65b0\u9ad8\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">13F\u62ab\u9732\u80a1\u7968\u7d44\u5408\uff082026\u5e743\u670831\u65e5\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,631\u5104\u7f8e\u5143\uff0c26\u9593\u516c\u53f8<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u80a1\u606f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u81ea1967\u5e74\u8d77\u4e0d\u6d3e\u606f<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u80a1\u50f9\u8868\u73fe<\/td><td class=\"has-text-align-center\" data-align=\"center\">BRK.A +10%\uff1b\u6a19\u666e500\uff08S&amp;P 500\uff0c\u5373\u53cd\u6620\u7f8e\u80a1\u5927\u578b\u80a1\u8868\u73fe\u7684\u4e3b\u8981\u6307\u6578\uff09+16.4%<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">BRK.A vs BRK.B\uff1a\u70ba\u4f55\u4e00\u80a1\u898173.3\u842c\u7f8e\u5143\uff0c\u53e6\u4e00\u80a1\u53ea\u9700489\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u5f9e\u672a\u62c6\u7d30\uff08stock split\uff0c\u5373\u628a\u6bcf\u80a1\u62c6\u6210\u66f4\u591a\u80a1\u4ee5\u964d\u4f4e\u80a1\u50f9\uff0c\u4f46\u516c\u53f8\u7e3d\u503c\u4e0d\u8b8a\uff09A\u985e\u80a1\u3002\u5df4\u83f2\u7279\u8868\u793a\uff0c\u9ad8\u80a1\u50f9\u53ef\u6e1b\u5c11\u77ed\u7dda\u7092\u4f5c\uff0c\u5438\u5f15\u9577\u7dda\u80a1\u6771\u3002\u7531\u65bcA\u985e\u80a1\u5c0d\u4e00\u822c\u6295\u8cc7\u8005\u4e0d\u6613\u8ca0\u64d4\uff0c\u5df4\u90e1\u65bc1996\u5e74\u63a8\u51faB\u985e\u80a1\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u9805\u76ee<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>BRK.A<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>BRK.B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5927\u7d04\u80a1\u50f9\uff082026\u5e747\u6708\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">733,526\u7f8e\u5143<\/td><td class=\"has-text-align-center\" data-align=\"center\">489.39\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u7d93\u6fdf\u6b0a\u76ca\uff08economic rights\uff0c\u5373\u5206\u7d05\u53ca\u8cc7\u7522\u6b0a\u76ca\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\u500b\u55ae\u4f4d<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u76f8\u7576\u65bcA\u985e\u80a1\u76841\/1,500<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u6295\u7968\u6b0a\uff08voting rights\uff0c\u5373\u80a1\u6771\u8868\u6c7a\u6b0a\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\u7968<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u76f8\u7576\u65bcA\u985e\u7968\u6578\u76841\/10,000<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u53ef\u5426\u8f49\u63db\uff08convertible\uff0c\u5373\u53ef\u5426\u628a\u4e00\u985e\u80a1\u63db\u6210\u53e6\u4e00\u985e\u80a1\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u53ef\u4ee5\uff0c\u8f49\u70ba1,500\u80a1B\u985e<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e0d\u53ef\u4ee5\uff0c\u4e0d\u80fd\u8f49\u56deA\u985e<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5e38\u898b\u6301\u6709\u4eba<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u9577\u7dda\u6301\u6709\u4eba\u3001\u907a\u7522\u57fa\u91d1\u3001\u6a5f\u69cb<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6563\u6236\u3001\u6307\u6578\u57fa\u91d1\u3001ETF\uff08\u4ea4\u6613\u6240\u8cb7\u8ce3\u57fa\u91d1\uff0c\u5373\u5728\u4ea4\u6613\u6240\u8cb7\u8ce3\u3001\u8ffd\u8e64\u6307\u6578\u6216\u8cc7\u7522\u7684\u57fa\u91d1\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u55ae\u5411\u8f49\u63db\u5f88\u91cd\u8981\uff1a\u5df4\u83f2\u7279\u7528\u5b83\u4f5c\u6148\u5584\u6350\u8d08\u2014\u2014\u628aA\u985e\u80a1\u8f49\u6210B\u985e\u80a1\uff0c\u518d\u6350\u51faB\u985e\u80a1\uff1b\u4ea6\u4ee4A\u985e\u80a1\u6295\u7968\u6b0a\u9010\u6b65\u88ab\u7a00\u91cb\uff08voting power dilution\uff0c\u5373\u6301\u80a1\u7d50\u69cb\u8b8a\u5316\u4ee4\u6295\u7968\u6b0a\u6bd4\u4f8b\u4e0b\u964d\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5c0d\u5927\u90e8\u5206\u6563\u6236\u53caCFD\u4ea4\u6613\u8005\uff0c<strong>BRK.B\u624d\u662f\u4e3b\u8981\u9078\u64c7<\/strong>\uff1b\u5176\u8d70\u52e2\u8207BRK.A\u5e7e\u4e4e\u4e00\u81f4\uff0c\u80a1\u50f9\u7d04\u70ba1\/1,500\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u8ab0\u6301\u6709\u5df4\u90e1\uff1f<\/h2>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u80a1\u6b0a\u7531\u4e00\u540d\u6301\u80a1\u6975\u5927\u7684\u500b\u4eba\u3001\u4e09\u5927\u6307\u6578\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\uff0c\u4ee5\u53ca\u5927\u91cf\u6563\u6236\u80a1\u6771\u7d44\u6210\u3002\u7531\u65bc\u63a1\u7528\u96d9\u91cd\u80a1\u6b0a\uff08dual-class\uff0c\u5373A\/B\u5169\u985e\u80a1\u4efd\u6b0a\u5229\u4e0d\u540c\uff09\u67b6\u69cb\uff0c\u7d93\u6fdf\u6b0a\u76ca\u8207\u6295\u7968\u63a7\u5236\u6b0a\u5206\u5e03\u4e0d\u540c\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5df4\u83f2\u7279\uff1a\u4ecd\u662f\u6700\u5927\u80a1\u6771\uff0c\u4e26\u6301\u7e8c\u6350\u51fa\u6301\u80a1<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u83f2\u7279\u4ecd\u70ba\u5df4\u90e1\u6700\u5927\u55ae\u4e00\u80a1\u6771\u53ca\u4e3b\u5e2d\u3002\u65bc2026\u5e747\u6708\u6350\u8d08\u5f8c\uff0c\u4ed6\u6301\u7d04<strong>18.8\u842c\u80a1A\u985e\u80a1\uff08\u5e02\u503c\u7d041,380\u5104\u7f8e\u5143\uff09<\/strong>\uff0c\u7d04\u76f8\u7576\u65bc<strong>\u516c\u53f8\u7e3d\u6295\u7968\u6b0a30%<\/strong>\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u8a72\u6301\u80a1\u6bd4\u4f8b\u6309\u8a08\u5283\u4e0b\u964d\u30022026\u5e747\u670814\u65e5\uff0c\u5df4\u83f2\u7279\u628a8,000\u80a1A\u985e\u80a1\u8f49\u70ba1,200\u842c\u80a1B\u985e\u80a1\uff0c\u4e26\u628a\u5168\u90e81,200\u842c\u80a1\uff08\u7d04\u503c60\u5104\u7f8e\u5143\uff09\u6350\u4e88\u56db\u500b\u5bb6\u65cf\u57fa\u91d1\u6703\uff1a<\/p>\n<p><\/p>\n<p><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u53d7\u8d08\u57fa\u91d1\u6703<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>B\u985e\u80a1\u6578\u76ee<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f30\u7b97\u50f9\u503c<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Susan Thompson Buffett Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">9,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d0444\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Sherwood Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d045\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Howard G. Buffett Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d045\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">NoVo Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d045\u5104\u7f8e\u5143<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u53e6\u9808\u7559\u610f\uff1a\u904e\u53bb\u8fd120\u5e74\u4e00\u76f4\u63a5\u53d7\u5df4\u83f2\u7279\u5e74\u5ea6\u6350\u8d08\u7684Bill &amp; Melinda Gates Foundation\u672a\u7372\u7d0d\u5165\u3002\u5df4\u83f2\u7279\u8868\u793a\u76ee\u6a19\u662f<strong>\u57282034\u5e74\u5e95\u524d\u8655\u7f6e\uff08dispose\uff0c\u5373\u9010\u6b65\u51fa\u552e\/\u6350\u51fa\uff09\u5176\u9918\u6240\u6709\u6301\u80a1<\/strong>\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5c0d\u73fe\u6642\u8cb7\u5165\u5df4\u90e1\u7684\u4eba\uff0c\u9019\u662f\u7d50\u69cb\u6027\u56e0\u7d20\uff1a\u672a\u4f86\u6578\u5e74\u5e02\u5834\u6703\u6301\u7e8c\u589e\u52a0B\u985e\u80a1\u4f9b\u61c9\uff08\u5373\u6350\u8d08\u5f8c\u57fa\u91d1\u6703\u53ef\u80fd\u8ce3\u80a1\u4ee5\u64a5\u6b3e\uff09\uff0c\u540c\u6642\u5df4\u83f2\u7279\u7684\u6295\u7968\u6b0a\u300c\u8b77\u57ce\u6cb3\u300d\uff08\u904e\u53bb\u53ef\u62b5\u79a6\u6fc0\u9032\u80a1\u6771\u8981\u6c42\u62c6\u5206\u516c\u53f8\u7684\u58d3\u529b\uff09\u9010\u6b65\u6e1b\u5f31\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u963f\u8c9d\u723e\u63a5\u68d2\u5f8c\u7684\u7ba1\u7406\u67b6\u69cb<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u963f\u8c9d\u723e\u65bc2026\u5e741\u67081\u65e5\u51fa\u4efb\u5df4\u90e1CEO<\/strong>\uff0c2025\u5e745\u6708\u88ab\u78ba\u8a8d\u70ba\u63a5\u73ed\u4eba\u3002\u5df4\u83f2\u7279\u4fdd\u7559\u4e3b\u5e2d\u8077\u4f4d\u3002\u963f\u8c9d\u723e\u6b64\u524d\u7ba1\u7406Berkshire Hathaway Energy\uff0c\u4e26\u8ca0\u8cac\u6240\u6709\u975e\u4fdd\u96aa\u696d\u52d9\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u963f\u8c9d\u723e\u6301\u6709<strong>\u5c11\u65bc1%\u5df4\u90e1\u80a1\u4efd<\/strong>\uff0c\u516c\u53f8\u7ba1\u6cbb\uff08governance\uff0c\u5373\u8463\u4e8b\u6703\u53ca\u7ba1\u7406\u5c64\u7684\u6b0a\u529b\u8207\u76e3\u7763\u5b89\u6392\uff09\u91cd\u9ede\u96a8\u4e4b\u6539\u8b8a\uff1a\u8cc7\u672c\u914d\u7f6e\u7531\u4e00\u540d\u6c92\u6709\u63a7\u5236\u6027\u6301\u80a1\u7684\u884c\u653f\u7e3d\u88c1\u4e3b\u5c0e\uff0c\u4e3b\u5e2d\u5247\u6301\u7e8c\u6350\u51fa\u80a1\u4efd\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u57282026\u5e745\u6708\u80a1\u6771\u5927\u6703\uff0c\u963f\u8c9d\u723e\u660e\u8a00\u4e0d\u6703\u628a\u5df4\u90e1\u62c6\u5206\uff0c\u5f37\u8abf\u5ef6\u7e8c\u5df4\u83f2\u7279\u65b9\u5f0f\u3002\u5e02\u5834\u6d88\u606f\u6307\u4ed6\u6bd4\u5df4\u83f2\u7279\u66f4\u6ce8\u91cd\u71df\u904b\uff0c\u5c0d\u9644\u5c6c\u516c\u53f8\u7ba1\u7406\u5c64\u8981\u6c42\u66f4\u9ad8\uff0c\u4ea6\u63a8\u52d5\u4e0d\u540c\u90e8\u9580\u5408\u4f5c\u3002\u5df4\u83f2\u7279\u4ea6\u8868\u793a\uff0c\u5176\u5b50Howard Buffett\u5c07\u5728\u4ed6\u96e2\u4e16\u5f8c\u51fa\u4efb\u975e\u57f7\u884c\u4e3b\u5e2d\uff08non-executive chairman\uff0c\u5373\u4e0d\u8ca0\u8cac\u65e5\u5e38\u7ba1\u7406\u7684\u4e3b\u5e2d\uff09\uff0c\u4e3b\u8981\u8ca0\u8cac\u7dad\u6301\u6587\u5316\u800c\u975e\u71df\u904b\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u6307\u6578\u57fa\u91d1\u5de8\u982d<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u662f\u6a19\u666e500\u91cd\u8981\u6210\u4efd\u80a1\uff0c\u88ab\u52d5\u57fa\u91d1\uff08passive funds\uff0c\u5373\u6309\u6307\u6578\u6b0a\u91cd\u8cb7\u8ce3\uff0c\u4e0d\u4e3b\u52d5\u9078\u80a1\uff09\u6301\u5009\u9f90\u5927\u3002\u6309\u6700\u65b0\u62ab\u9732\uff1a<\/p>\n<p><\/p>\n<p><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u80a1\u6771<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f30\u7b97B\u985e\u80a1\u6578\u76ee<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f30\u7b97\u4f54B\u985e\u5df2\u767c\u884c\u80a1\u672c\u6bd4\u4f8b<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5df4\u83f2\u7279\uff08\u4ee5A\u985e\u80a1\u8a08\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d0418.8\u842c\u80a1A\u985e<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d04\u4f54\u7e3d\u6295\u7968\u6b0a30%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Vanguard<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d041.48\u5104\u80a1<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d0411%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BlackRock<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d041.116\u5104\u80a1<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d048.3%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">State Street<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d047,170\u842c\u80a1<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d045.35%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5df4\u83f2\u7279\u5bb6\u65cf\u57fa\u91d1\u6703\u53caGates Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6301\u5009\u53ef\u89c0\uff0c\u96a8\u51fa\u552e\u4ee5\u64a5\u6b3e\u800c\u4e0b\u964d<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e0d\u4e00<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5176\u4ed6\u6a5f\u69cb\u53ca\u6563\u6236<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5176\u9918<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4f54B\u985e\u6d41\u901a\u80a1\uff08float\uff0c\u5373\u53ef\u5728\u5e02\u5834\u81ea\u7531\u8cb7\u8ce3\u7684\u80a1\u4efd\uff09\u5927\u90e8\u5206<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Vanguard\u8207BlackRock\u5408\u8a08\u6301\u6709\u903e12%\u80a1\u4efd\uff0c\u4e3b\u8981\u900f\u904e\u6307\u6578\u7522\u54c1\u6301\u6709\uff0c\u5c6c\u6a5f\u68b0\u5f0f\u6301\u5009\uff08mechanical positions\uff0c\u5373\u6309\u6307\u6578\u6b0a\u91cd\u88ab\u52d5\u914d\u7f6e\uff09\uff0c\u4e0d\u7b49\u540c\u4e3b\u52d5\u62bc\u6ce8\u5df4\u83f2\u7279\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u5df4\u90e1\u6700\u5927\u80a1\u7968\u6301\u5009\uff1a2,631\u5104\u7f8e\u5143\u914d\u7f6e\u53bb\u5411<\/h2>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e12026\u5e74\u9996\u5b6313F\u65bc2026\u5e745\u670815\u65e5\u5411SEC\u63d0\u4ea4\uff0c\u62ab\u9732\u622a\u81f32026\u5e743\u670831\u65e5\u6301\u5009\uff1a<strong>\u51712,631\u5104\u7f8e\u5143\uff0c\u6295\u8cc726\u9593\u516c\u53f8<\/strong>\u3002\u76f8\u6bd42025\u5e7412\u6708\u5e95\u76842,742\u5104\u7f8e\u5143\u53ca39\u9593\u516c\u53f8\uff0c\u898f\u6a21\u53ca\u6578\u76ee\u5747\u4e0b\u964d\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u6700\u5927\u7279\u9ede\u662f\u9ad8\u5ea6\u96c6\u4e2d\uff1a<strong>\u524d\u4e09\u5927\u6301\u5009\u5408\u8a08\u4f5451%<\/strong>\uff0c<strong>\u524d\u4e94\u5927\u4f5467.1%<\/strong>\uff0c<strong>\u524d\u5341\u5927\u4f5491.1%<\/strong>\uff1b\u5176\u991816\u9593\u516c\u53f8\u5408\u8a08\u4e0d\u8db39%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5b8c\u6574\u6301\u5009\u8868\uff1a\u5df4\u90e1\u4e3b\u8981\u6301\u80a1\uff08\u622a\u81f32026\u5e743\u670831\u65e5\uff09<\/h3>\n<p><\/p>\n<p><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>#<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u516c\u53f8<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4ee3\u865f<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u6301\u80a1\u6578\u76ee<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u5e02\u503c\uff08\u7f8e\u5143\uff09<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f54\u7d44\u5408\u6bd4\u4f8b<\/strong><\/td><\/tr>&#8230;\uff08\u8868\u683c\u5185\u5bb9\u7701\u7565\uff0c\u5df2\u4fdd\u7559\uff09&#8230;<\/tbody><\/table><\/figure>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><em>\u8cc7\u6599\u4f86\u6e90\uff1aBerkshire Hathaway Inc. Form 13F-HR\uff0813F\u5b63\u5ea6\u6301\u5009\u7533\u5831\uff09\uff0c\u65bc2026\u5e745\u670815\u65e5\u63d0\u4ea4\uff1b\u6301\u5009\u622a\u81f32026\u5e743\u670831\u65e5\u3002\u6578\u64da\u5df2\u5408\u4f75\u4e0d\u540c\u80a1\u4efd\u985e\u5225\u53ca\u4e0d\u540c\u7ba1\u7406\u5e33\u6236\u3002<\/em><\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u884c\u696d\u96c6\u4e2d\u5ea6<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u6309\u884c\u696d\u5206\u985e\uff0c\u53ef\u898b\u5df4\u90e1\u504f\u597d\uff1a<\/p>\n<p><\/p>\n<p><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u884c\u696d<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u6301\u5009<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f54\u7d44\u5408\u6bd4\u4f8b<\/strong><\/td><\/tr>&#8230;\uff08\u8868\u683c\u5185\u5bb9\u7701\u7565\uff0c\u5df2\u4fdd\u7559\uff09&#8230;<\/tbody><\/table><\/figure>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u7d04\u4e09\u5206\u4e8c\u8cc7\u91d1\u96c6\u4e2d\u65bc\u5169\u5927\u985e\uff1a\u91d1\u878d\u670d\u52d9\u53ca\u9762\u5411\u6d88\u8cbb\u8005\u7684\u79d1\u6280\u3002\u9019\u53cd\u6620\u5df4\u83f2\u7279\u504f\u597d\u300c\u6536\u8cbb\u7ad9\u5f0f\u300d\u751f\u610f\uff08toll-booth business\uff0c\u5373\u6191\u7db2\u7d61\u3001\u54c1\u724c\u6216\u898f\u7ba1\u5730\u4f4d\uff0c\u5411\u5927\u91cf\u4ea4\u6613\u6536\u53d6\u5c0f\u984d\u8cbb\u7528\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u5df4\u90e1\u5341\u5927\u6301\u5009\u9010\u4e00\u89e3\u8b80<\/h2>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u6301\u5009\u8868\u53ea\u544a\u8a34\u4f60\u8cb7\u4e86\u751a\u9ebc\uff0c\u672a\u5fc5\u89e3\u91cb\u539f\u56e0\u3002\u4ee5\u4e0b\u5341\u5927\u6301\u5009\u5404\u6709\u8cb7\u5165\u80cc\u666f\u53ca\u7528\u9014\uff0c\u90e8\u5206\u6301\u6709\u6642\u9593\u9060\u8d85\u591a\u6578\u57fa\u91d1\u5e74\u671f\u3002\u6309\u898f\u6a21\u6392\u5e8f\uff0c\u5e7e\u4e4e\u53ef\u770b\u6210\u5df4\u83f2\u7279\u6295\u8cc7\u601d\u8def\u7684\u6642\u9593\u7dda\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">1. \u860b\u679c\uff08AAPL\uff09\uff1a\u4f5421.99%\uff0c578.4\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>227,917,808\u80a1\uff0c\u7d04\u4f54\u860b\u679c1.6%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u81ea2018\u5e74\u8d77\u860b\u679c\u4e00\u76f4\u662f\u5df4\u90e1\u6700\u5927\u6301\u5009\uff0c\u5373\u4f7f\u591a\u5e74\u6e1b\u6301\u4ecd\u7136\u5982\u6b64\u3002\u5df4\u90e1\u65bc2016\u5e74\u9996\u6b21\u8cb7\u5165\uff0c\u7576\u6642\u5e02\u5834\u610f\u5916\uff0c\u56e0\u5df4\u83f2\u7279\u4ee5\u5f80\u5c11\u6295\u79d1\u6280\u80a1\u3002\u4ed6\u7684\u7406\u89e3\u662f\uff1a\u860b\u679c\u66f4\u50cf\u6d88\u8cbb\u54c1\u516c\u53f8\uff0c\u8b77\u57ce\u6cb3\u4f86\u81ea\u8f49\u63db\u6210\u672c\uff08switching costs\uff0c\u5373\u7528\u6236\u8f49\u7528\u5176\u4ed6\u54c1\u724c\u7684\u6210\u672c\uff0c\u4f8b\u5982\u8cc7\u6599\u3001\u61c9\u7528\u7a0b\u5f0f\u3001\u8a0a\u606f\u3001\u751f\u614b\u7cfb\u7d71\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u6301\u5009\u9ad8\u5cf0\u671f\uff08\u6309\u62c6\u7d30\u5f8c\u53e3\u5f91\uff09\u66fe\u8d85\u904e9\u5104\u80a1\uff0c\u5176\u5f8c\u7d2f\u8a08\u6e1b\u6301\u7d0475%\uff0c2024\u5e74\u5c24\u70ba\u660e\u986f\uff0c\u9396\u5b9a\u5de8\u984d\u76c8\u5229\u4e26\u7522\u751f\u53ef\u89c0\u7a05\u9805\u3002\u5df4\u83f2\u7279\u66fe\u6307\uff0c\u90e8\u5206\u6e1b\u6301\u8207\u9810\u671f\u7f8e\u570b\u8cc7\u672c\u589e\u503c\u7a05\uff08capital gains tax\uff0c\u5373\u6295\u8cc7\u8cc7\u7522\u5347\u503c\u5f8c\u51fa\u552e\u9700\u7e73\u7a05\uff09\u53ef\u80fd\u4e0a\u8abf\u6709\u95dc\uff0c\u800c\u975e\u5c0d\u860b\u679c\u770b\u6cd5\u9006\u8f49\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u91cd\u9ede\uff1a<\/strong>\u5373\u4f7f\u662f\u5df4\u90e1\u53f2\u4e0a\u6700\u5927\u898f\u6a21\u6e1b\u6301\uff0c\u860b\u679c\u4ecd\u4f54\u7d44\u5408\u903e\u4e94\u5206\u4e00\uff0c\u53cd\u6620\u6e1b\u6301\u66f4\u591a\u662f\u63a7\u5236\u5009\u4f4d\u8207\u7a05\u52d9\u5b89\u6392\u3002\u4ee5\u73fe\u6642\u6301\u80a1\u8a08\uff0c\u860b\u679c\u80a1\u606f\u6bcf\u5e74\u7d04\u70ba\u5df4\u90e1\u5e36\u4f862.5\u5104\u7f8e\u5143\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">2. American Express\uff08AXP\uff09\uff1a\u4f5417.43%\uff0c458.6\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>151,610,700\u80a1\uff0c\u7d04\u4f54American Express 22%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u9019\u6700\u80fd\u53cd\u6620\u5df4\u83f2\u7279\u5c0d\u300c\u6642\u9593\u300d\u7684\u770b\u6cd5\u3002\u5df4\u90e1\u65bc1991\u81f31995\u5e74\u7d2f\u7a4dAmex\u6301\u5009\uff0c\u6210\u672c\u7d04<strong>12.9\u5104\u7f8e\u5143<\/strong>\uff1b\u73fe\u50f9\u503c<strong>458.6\u5104\u7f8e\u5143<\/strong>\uff0c\u5347\u503c\u903e35\u500d\uff0c\u800c\u591a\u5e74\u4f86\u672a\u518d\u8cb7\u8ce3\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u6301\u80a1\u6578\u91cf\u4e0d\u8b8a\uff0c\u4f46Amex\u6301\u7e8c\u56de\u8cfc\uff08buyback\uff0c\u5373\u516c\u53f8\u8cb7\u56de\u81ea\u5bb6\u80a1\u4efd\uff0c\u6e1b\u5c11\u6d41\u901a\u80a1\u63d0\u5347\u6bcf\u80a1\u76c8\u5229\uff09\uff0c\u4ee4\u5df4\u90e1\u6301\u80a1\u6bd4\u4f8b\u81ea\u52d5\u4e0a\u5347\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">2025\u5e74Amex\u5411\u5df4\u90e1\u6d3e\u606f\u7d04<strong>4.79\u5104\u7f8e\u5143<\/strong>\uff1b\u6309\u539f\u59cb\u6210\u672c\u8a08\uff0c\u7b49\u540c\u6bcf\u5e74\u56de\u5831\u9060\u8d85\u300c\u539f\u59cb\u8cb7\u5165\u6210\u672c\u7684\u4e09\u5206\u4e4b\u4e00\u300d\uff08yield on cost\uff0c\u5373\u4ee5\u73fe\u6642\u6d3e\u606f\u9664\u4ee5\u591a\u5e74\u524d\u8cb7\u5165\u6210\u672c\u8a08\u7b97\u7684\u56de\u5831\u7387\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u91cd\u9ede\uff1a<\/strong>Amex\u5c6c\u300c\u9589\u74b0\u300d\u652f\u4ed8\u7db2\u7d61\uff08closed-loop\uff0c\u5373\u540c\u6642\u8ca0\u8cac\u767c\u5361\u8207\u4ea4\u6613\u8655\u7406\uff09\uff0c\u4e3b\u653b\u9ad8\u6536\u5165\u5ba2\u7fa4\uff0c\u58de\u5e33\u8f03\u4f4e\u3001\u6d88\u8cbb\u8f03\u9ad8\uff0c\u54c1\u724c\u5e36\u4f86\u5b9a\u50f9\u529b\uff08pricing power\uff0c\u5373\u53ef\u5728\u4e0d\u6d41\u5931\u5927\u91cf\u5ba2\u6236\u4e0b\u52a0\u50f9\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">3. \u53ef\u53e3\u53ef\u6a02\uff08KO\uff09\uff1a\u4f5411.56%\uff0c304.2\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>4\u5104\u80a1\uff0c\u81ea1994\u5e74\u8d77\u4e0d\u8b8a\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u53ef\u53e3\u53ef\u6a02\u6700\u80fd\u9ad4\u73fe\u5df4\u83f2\u7279\u7684\u6301\u6709\u671f\u3002\u5df4\u90e1\u57281987\u5e74\u80a1\u707d\u5f8c\u8cb7\u5165\uff0c\u4e26\u65bc1994\u5e74\u5b8c\u6210\u7d2f\u7a4d\uff0c\u7e3d\u6210\u672c\u7d04<strong>13\u5104\u7f8e\u5143<\/strong>\uff1b30\u591a\u5e74\u5f9e\u672a\u8b8a\u52d5\uff0c\u73fe\u50f9\u503c<strong>304.2\u5104\u7f8e\u5143<\/strong>\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u66f4\u91cd\u8981\u662f\u73fe\u91d1\u56de\u5831\uff1a\u53ef\u53e3\u53ef\u6a02\u57282025\u5e74\u5411\u5df4\u90e1\u6d3e\u606f<strong>8.16\u5104\u7f8e\u5143<\/strong>\u3002\u6309\u539f\u59cb\u6210\u672c\u8a08\uff0c\u7b49\u540c<strong>\u7d0463%\u7684\u300c\u6309\u6210\u672c\u8a08\u80a1\u606f\u56de\u5831\u7387\u300d<\/strong>\uff08yield on cost\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u91cd\u9ede\uff1a<\/strong>\u8cb7\u5165\u53ef\u53e3\u53ef\u6a02\u4e26\u975e\u62bc\u6ce8\u9ad8\u589e\u9577\uff0c\u800c\u662f\u62bc\u6ce8\u54c1\u724c\u8207\u5206\u92b7\u7db2\u7d61\u5e36\u4f86\u9577\u671f\u7a69\u5b9a\u73fe\u91d1\u6d41\uff1b\u5728\u56fa\u5b9a\u6210\u672c\u4e0b\uff0c\u80a1\u606f\u9010\u5e74\u589e\u9577\u6703\u628a\u73fe\u91d1\u56de\u5831\u300c\u8d8a\u6efe\u8d8a\u5927\u300d\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">4. \u7f8e\u570b\u9280\u884c\uff08BAC\uff09\uff1a\u4f549.52%\uff0c250.4\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>513,624,165\u80a1\uff0c\u7d04\u4f54\u7f8e\u570b\u9280\u884c7%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u65bc2011\u5e74\u5165\u80a1\uff1a\u5176\u6642\u5e02\u5834\u5c0d\u91d1\u878d\u5371\u6a5f\u5f8c\u7684\u9280\u884c\u4fe1\u5fc3\u4e0d\u8db3\uff0c\u5df4\u83f2\u7279\u63d0\u4f9b50\u5104\u7f8e\u5143\u8cc7\u91d1\uff0c\u63db\u53d6\u512a\u5148\u80a1\uff08preferred stock\uff0c\u5373\u512a\u5148\u6536\u606f\/\u5206\u7d05\u3001\u6e05\u76e4\u6642\u512a\u5148\u53d7\u511f\u7684\u80a1\u4efd\uff09\u53ca\u8a8d\u80a1\u6b0a\u8b49\uff08warrants\uff0c\u5373\u4ee5\u6307\u5b9a\u50f9\u683c\u5728\u672a\u4f86\u8cb7\u5165\u80a1\u4efd\u7684\u6b0a\u5229\uff09\u30022017\u5e74\u5df4\u90e1\u884c\u4f7f\u6b0a\u8b49\uff0c\u4ee5\u4f4e\u65bc\u5e02\u50f9\u7684\u6210\u672c\u628a\u300c\u6551\u52a9\u5b89\u6392\u300d\u8b8a\u6210\u5927\u578b\u666e\u901a\u80a1\u6301\u5009\uff0c\u6210\u672c\u7d04146\u5104\u7f8e\u5143\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u81ea2024\u5e74\u4e2d\u8d77\u6301\u7e8c\u6e1b\u6301\uff1b2026\u5e74\u9996\u5b63\u50c5\u5c0f\u5e45\u6e1b\u5c11\u7d040.7%\uff0c\u986f\u793a\u5927\u898f\u6a21\u6e1b\u6301\u53ef\u80fd\u63a5\u8fd1\u5c3e\u8072\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u91cd\u9ede\uff1a<\/strong>BAC\u5c0d\u7f8e\u570b\u6d88\u8cbb\u8005\u53ca\u5229\u7387\u8f03\u654f\u611f\uff1b\u5176\u9f90\u5927\u4f4e\u6210\u672c\u5b58\u6b3e\u57fa\u790e\uff08deposit base\uff0c\u5373\u5ba2\u6236\u5b58\u6b3e\uff0c\u9280\u884c\u7528\u4ee5\u653e\u8cb8\u53ca\u6295\u8cc7\uff09\u5728\u52a0\u606f\u5468\u671f\u66f4\u6709\u5229\u3002\u5df4\u90e1\u5728\u9000\u51fa\u591a\u6578\u5927\u578b\u91d1\u878d\u6301\u5009\u5f8c\u4ecd\u4fdd\u7559BAC\uff0c\u53cd\u6620\u5176\u8a8d\u70ba\u5927\u578b\u5b58\u6b3e\u578b\u9280\u884c\u8207\u4e00\u822c\u9280\u884c\u4e0d\u540c\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">5. \u96ea\u4f5b\u9f8d\uff08CVX\uff09\uff1a\u4f546.64%\uff0c174.6\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>84,375,856\u80a1\uff0c2026\u5e74\u9996\u5b63\u6e1b\u630135.2%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u96ea\u4f5b\u9f8d\u662f\u5df4\u90e1\u75ab\u60c5\u5f8c\u6700\u660e\u986f\u7684\u80fd\u6e90\u62bc\u6ce8\uff0c\u65bc2020\u81f32022\u5e74\u5feb\u901f\u5efa\u7acb\uff0c\u57fa\u65bc\u5168\u7403\u80fd\u6e90\u9700\u6c42\u589e\u9577\u5feb\u65bc\u4e0a\u6e38\u4f9b\u61c9\u6295\u8cc7\u3002\u96ea\u4f5b\u9f8d\u70ba\u4e00\u9ad4\u5316\uff08integrated\uff0c\u5373\u6db5\u84cb\u4e0a\u6e38\u52d8\u63a2\u958b\u63a1\u3001\u4e2d\u6e38\u904b\u8f38\u3001\u4e0b\u6e38\u7149\u5316\u92b7\u552e\uff09\u77f3\u6cb9\u5de8\u982d\uff0c\u64c1\u6709\u7f8e\u570b\u4e8c\u758a\u7d00\u76c6\u5730\uff08Permian Basin\uff09\u4f4e\u6210\u672c\u8cc7\u7522\uff0c\u8cc7\u7522\u8ca0\u50b5\u8868\u7a69\u5065\uff0c\u4e26\u9577\u671f\u589e\u52a0\u6d3e\u606f\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">2026\u5e74\u9996\u5b63\u70ba\u8a72\u6301\u5009\u6b77\u4f86\u6700\u5927\u55ae\u5b63\u6e1b\u6301\uff0c\u51fa\u552e\u903e4,500\u842c\u80a1\u3002\u52a0\u4e0aOccidental\u6301\u80a1\u4e0d\u8b8a\uff0c\u5df4\u90e1\u80fd\u6e90\u6bd4\u91cd\u8b8a\u5316\u4e3b\u8981\u53d7Occidental\u80a1\u50f9\u4e0a\u5347\u5e36\u52d5\uff1b\u82e5\u4ee5\u6301\u80a1\u6578\u91cf\u8a08\uff0c\u5df4\u90e1\u5be6\u969b\u964d\u4f4e\u77f3\u6cb9\u655e\u53e3\uff08exposure\uff0c\u5373\u5c0d\u67d0\u8cc7\u7522\/\u884c\u696d\u50f9\u683c\u8b8a\u52d5\u7684\u654f\u611f\u5ea6\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">6. Occidental Petroleum\uff08OXY\uff09\uff1a\u4f546.55%\uff0c172.2\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>264,941,431\u80a1\uff0c\u7d04\u4f54<strong>Occidental 26.6%<\/strong>\uff1b\u53e6\u6301\u670985\u5104\u7f8e\u5143\u512a\u5148\u80a1\u53ca\u8a8d\u80a1\u6b0a\u8b49\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Occidental\u662f\u5df4\u90e1\u6700\u50cf\u300c\u7b56\u7565\u4f19\u4f34\u300d\u7684\u6301\u5009\u30022019\u5e74\u5df4\u90e1\u70baOccidental\u6536\u8cfcAnadarko\u63d0\u4f9b100\u5104\u7f8e\u5143\u8cc7\u91d1\uff0c\u63db\u53d6\u5e74\u606f8%\u512a\u5148\u80a1\uff08coupon\uff0c\u5373\u50b5\u5238\/\u985e\u50b5\u5de5\u5177\u7684\u7968\u606f\u6216\u56fa\u5b9a\u5229\u606f\uff09\u53ca\u8a8d\u80a1\u6b0a\u8b49\u3002\u5176\u5f8c\u5df4\u90e1\u628a\u666e\u901a\u80a1\u6301\u5009\u589e\u81f3\u903e\u56db\u5206\u4e00\uff0c\u4e26\u53d6\u5f97\u76e3\u7ba1\u6279\u51c6\u53ef\u589e\u81f350%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u55ae\u8a08\u512a\u5148\u80a1\uff0c\u6bcf\u5e74\u80a1\u606f\u7d046.8\u5104\u7f8e\u5143\uff1bOccidental\u8a08\u5283\u81ea2029\u5e74\u8d77\u8d16\u56de\uff08redeem\uff0c\u5373\u767c\u884c\u65b9\u4ee5\u7d04\u5b9a\u689d\u6b3e\u56de\u8cfc\/\u511f\u9084\uff09\u8a72\u512a\u5148\u80a1\u3002\u53e6\u65b9\u9762\uff0c\u5df4\u90e1\u65bc2025\u5e7410\u6708\u540c\u610f\u4ee597\u5104\u7f8e\u5143\u6536\u8cfcOxyChem\uff0c\u65e2\u70baOccidental\u63d0\u4f9b\u73fe\u91d1\u6e1b\u50b5\uff0c\u4e5f\u70ba\u5df4\u90e1\u589e\u52a0\u5168\u8cc7\u696d\u52d9\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u91cd\u9ede\uff1a<\/strong>\u9019\u8207\u96ea\u4f5b\u9f8d\u4e0d\u540c\uff1a\u96ea\u4f5b\u9f8d\u5c6c\u53ef\u96a8\u6642\u589e\u6e1b\u7684\u6d41\u52d5\u6301\u5009\uff08liquid position\uff0c\u5373\u5bb9\u6613\u8cb7\u8ce3\u3001\u4e0d\u6613\u5f71\u97ff\u50f9\u683c\uff09\uff1bOccidental\u5247\u6d89\u53ca\u512a\u5148\u80a1\u3001\u6b0a\u8b49\u3001\u666e\u901a\u80a1\u53ca\u4f75\u8cfc\u4ea4\u6613\u3002\u5df4\u90e1\u5927\u5e45\u6e1b\u96ea\u4f5b\u9f8d\u3001\u4f46\u4e0d\u52d5Occidental\uff0c\u662f2026\u5e74\u9996\u5b63\u7533\u5831\u6700\u660e\u78ba\u7684\u8a0a\u865f\u4e4b\u4e00\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">7. Alphabet\uff08GOOGL\uff09\uff1a\u4f546.32%\uff0c166.3\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>A\u985e\u53caC\u985e\u5408\u517157,835,013\u80a1\uff0c\u8f0317,846,142\u80a1\u5927\u589e\uff0c\u589e\u5e45224%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Alphabet\u662f\u7d44\u5408\u4e2d\u6700\u91cd\u8981\u7684\u65b0\u968e\u6bb5\u6301\u5009\u3002\u5df4\u90e1\u65bc2025\u5e74\u7b2c\u4e09\u5b63\u5efa\u7acb\u6301\u5009\uff0c\u4e26\u65bc2026\u5e74\u9996\u5b63\u518d\u589e\u6301\u903e\u4e09\u500d\uff0c\u984d\u5916\u8cb7\u5165\u7d044,000\u842c\u80a1\uff0c\u4f7fAlphabet\u7531\u4e2d\u578b\u6301\u5009\u8e8d\u5347\u70ba<strong>\u7b2c\u4e94\u5927\u6301\u5009<\/strong>\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u6b64\u8209\u4ea6\u5177\u8c61\u5fb5\u610f\u5473\uff1a\u5df4\u83f2\u7279\u66fe\u516c\u958b\u8868\u793a\uff0c\u932f\u904eGoogle\u662f\u5176\u91cd\u5927\u5931\u8aa4\u4e4b\u4e00\uff1b\u5176\u5f8c\u898b\u5230GEICO\u9577\u671f\u5411Google\u652f\u4ed8\u5927\u91cf\u641c\u5c0b\u5ee3\u544a\u8cbb\uff0c\u537b\u672a\u6709\u53ca\u65e9\u6295\u8cc7\u3002\u5df4\u90e1\u65bc2026\u5e74\u5927\u624b\u589e\u6301\uff0c\u6b63\u503c\u5e02\u5834\u8a0e\u8ad6AI\u804a\u5929\u6a5f\u68b0\u4eba\u6703\u5426\u4fb5\u8755\u641c\u5c0b\u5ee3\u544a\u76c8\u5229\uff0c\u53cd\u6620\u5df4\u90e1\u62bc\u6ce8\u641c\u5c0b\u53ca\u5ee3\u544a\u8b77\u57ce\u6cb3\u4ecd\u5177\u97cc\u6027\uff08durable\uff0c\u5373\u4e0d\u6613\u88ab\u7834\u58de\uff09\uff0c\u4e26\u8a8d\u70baAlphabet\u7684AI\u8cc7\u7522\u50f9\u503c\u672a\u5145\u5206\u53cd\u6620\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u91cd\u9ede\uff1a<\/strong>\u4ea6\u53cd\u6620\u6295\u8cc7\u5718\u968a\u5f71\u97ff\u529b\uff1a\u5df4\u90e1\u5169\u540d\u526f\u624b\u6295\u8cc7\u7d93\u7406Todd Combs\u8207Ted Weschler\u904e\u5f80\u8f03\u5e38\u4e3b\u5c0e\u79d1\u6280\u6301\u5009\uff1b\u9019\u4ea6\u662f\u963f\u8c9d\u723e\u63a5\u624b\u5f8c\u627f\u63a5\u7684\u7d44\u5408\u5f62\u72c0\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">8. Chubb\uff08CB\uff09\uff1a\u4f544.24%\uff0c111.6\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>34,249,183\u80a1\uff0c\u7d04\u4f54Chubb 9%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u65bc2023\u81f32024\u5e74\u4ee5\u4fdd\u5bc6\u65b9\u5f0f\u5efa\u7acb\u6301\u5009\uff0c\u900f\u904eSEC\u7f55\u898b\u7684\u4fdd\u5bc6\u62ab\u9732\u8c41\u514d\uff08confidential treatment exemption\uff0c\u5373\u5141\u8a31\u66ab\u6642\u4e0d\u516c\u958b\u6301\u5009\uff0c\u907f\u514d\u5efa\u5009\u6642\u63a8\u9ad8\u80a1\u50f9\uff09\uff0c\u76f4\u81f32024\u5e745\u6708\u624d\u62ab\u9732\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Chubb\u662f\u5168\u7403\u6700\u5927\u4e0a\u5e02\u8ca1\u7522\u53ca\u610f\u5916\u4fdd\u96aa\u516c\u53f8\uff08property and casualty\uff0c\u5373\u8eca\u96aa\u3001\u5bb6\u5c45\u3001\u5546\u696d\u7b49\u975e\u4eba\u58fd\u4fdd\u96aa\uff09\uff0c\u627f\u4fdd\u7d00\u5f8b\u5f37\uff08underwriting discipline\uff0c\u5373\u5b9a\u50f9\u53ca\u98a8\u96aa\u9078\u64c7\u56b4\u8b39\uff09\uff0c\u4e26\u5177\u570b\u969b\u5546\u696d\u4fdd\u96aa\u7db2\u7d61\u3002\u5df4\u90e1\u672c\u8eab\u6838\u5fc3\u662f\u4fdd\u96aa\u696d\uff0c\u5c0d\u884c\u696d\u76c8\u5229\u6a21\u5f0f\u719f\u6089\uff1bChubb\u53ef\u53d7\u60e0\u5546\u696d\u4fdd\u96aa\u50f9\u683c\u4e0a\u5347\u7684\u5468\u671f\uff08hardening market\uff0c\u5373\u4fdd\u8cbb\u4e0a\u5347\u3001\u627f\u4fdd\u6536\u7dca\u7684\u5e02\u5834\u74b0\u5883\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">9. \u7a46\u8fea\uff08MCO\uff09\uff1a\u4f544.09%\uff0c107.6\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>24,669,778\u80a1\uff0c\u7d04\u4f54\u7a46\u8fea14%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5df4\u90e1\u591a\u6578\u7a46\u8fea\u6301\u80a1\u4e26\u975e\u4e3b\u52d5\u8cb7\u5165\uff0c\u800c\u662f2000\u5e74Dun &amp; Bradstreet\u5206\u62c6\u7a46\u8fea\uff08spin-off\uff0c\u5373\u628a\u5b50\u516c\u53f8\u5206\u62c6\u6210\u7368\u7acb\u4e0a\u5e02\u516c\u53f8\u4e26\u5411\u6bcd\u516c\u53f8\u80a1\u6771\u6d3e\u767c\u80a1\u4efd\uff09\u6642\u7372\u5f97\uff1b\u5df4\u90e1\u4e00\u76f4\u6301\u6709\uff0c\u81f3\u4eca\u5e02\u503c\u7d2f\u7a4d\u81f3107.6\u5104\u7f8e\u5143\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u7a46\u8fea\u63a5\u8fd1\u6559\u79d1\u66f8\u5f0f\u7684\u5df4\u83f2\u7279\u751f\u610f\uff1a\u4fe1\u8cb8\u8a55\u7d1a\u884c\u696d\u8207S&amp;P Global\u5e7e\u4e4e\u5f62\u6210\u96d9\u982d\u58df\u65b7\uff08duopoly\uff0c\u5373\u5169\u5927\u4f01\u696d\u4e3b\u5c0e\u5e02\u5834\uff09\uff0c\u76e3\u7ba1\u53ca\u5e02\u5834\u6163\u4f8b\u4f7f\u8a55\u7d1a\u63a5\u8fd1\u767c\u50b5\u5fc5\u9700\uff08debt issuance\uff0c\u5373\u767c\u884c\u50b5\u5238\u96c6\u8cc7\uff09\uff0c\u696d\u52d9\u8cc7\u672c\u9700\u6c42\u4f4e\u3001\u5229\u6f64\u7387\u9ad8\uff0c\u76f8\u7576\u65bc\u5411\u5168\u7403\u50b5\u5e02\u6536\u53d6\u300c\u901a\u884c\u8cbb\u300d\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">10. Kraft Heinz\uff08KHC\uff09\uff1a\u4f542.78%\uff0c73.2\u5104\u7f8e\u5143<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u6301\u5009\uff1a<\/strong>325,634,818\u80a1\uff0c\u7d04\u4f54Kraft Heinz 27%\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Kraft Heinz\u662f\u5df4\u83f2\u7279\u516c\u958b\u627f\u8a8d\u5224\u65b7\u5931\u8aa4\u6700\u591a\u7684\u6301\u5009\u3002\u5df4\u90e1\u82073G Capital\u65bc2015\u5e74\u5408\u4f75Kraft\u8207Heinz\uff0c\u5f62\u6210\u63a5\u8fd1\u63a7\u5236\u7d1a\u5225\u6301\u80a1\u3002\u5df4\u83f2\u7279\u5176\u5f8c\u627f\u8a8dKraft\u8cb7\u8cb4\u4e86\uff0c\u4e14\u81ea\u5bb6\u54c1\u724c\uff08private-label\uff0c\u5373\u96f6\u552e\u5546\u81ea\u6709\u54c1\u724c\uff09\u7af6\u722d\u53ca\u6d88\u8cbb\u504f\u597d\u6539\u8b8a\uff0c\u524a\u5f31\u50b3\u7d71\u5305\u88dd\u98df\u54c1\u54c1\u724c\u50f9\u503c\uff0c\u5c0e\u81f4\u591a\u6b21\u6e1b\u503c\uff08writedown\uff0c\u5373\u628a\u8cc7\u7522\u5e33\u9762\u50f9\u503c\u5411\u4e0b\u8abf\u6574\uff09\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><strong>\u91cd\u9ede\uff1a<\/strong>\u8a72\u80a1\u4ecd\u7559\u5728\u7d44\u5408\u6709\u555f\u793a\uff1a\u6301\u5009\u904e\u5927\uff0c\u5168\u9762\u9000\u51fa\u53ef\u80fd\u5f71\u97ff\u80a1\u50f9\uff1b\u5df4\u90e1\u6301\u80a127%\u4ea6\u4ee4\u5176\u66f4\u50cf\u300c\u5167\u90e8\u4eba\u300d\uff08insider \u5373\u5c0d\u516c\u53f8\u6709\u91cd\u5927\u5f71\u97ff\u7684\u80a1\u6771\uff09\u800c\u975e\u88ab\u52d5\u6295\u8cc7\u8005\u3002\u4ea6\u63d0\u9192\u5e02\u5834\uff1a\u96c6\u4e2d\u6295\u8cc7\u56de\u5831\u53ef\u9ad8\uff0c\u98a8\u96aa\u4ea6\u540c\u6a23\u96c6\u4e2d\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><\/p>\n<p><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5176\u9918\u6301\u5009\uff1a\u7b2c11\u81f326\u4f4d<\/h3>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u5c3e\u90e8\u6301\u5009\u66f4\u80fd\u53cd\u6620\u526f\u624b\u6295\u8cc7\u7d93\u7406\u53ca\u7279\u6b8a\u5b89\u6392\uff1a<\/p>\n<p><\/p>\n<p><\/p>\n<ul class=\"wp-block-list\"><\/ul>\n<p><\/p><!-- \/wp:list --><!-- wp:post-content --><p><!-- wp:image {\"id\":62749,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/what-is-berkshire-hathaway-1024x576.webp\" alt=\"what-is-berkshire-hathaway\" class=\"wp-image-62749\"\/><\/figure>\n<p><!-- \/wp:image --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><em>\u5df4\u90e1\uff08Berkshire Hathaway\uff09\u662f\u7f8e\u570b\u7d9c\u5408\u4f01\u696d\uff08conglomerate\uff0c\u5373\u696d\u52d9\u6a6b\u8de8\u591a\u500b\u884c\u696d\u7684\u5927\u578b\u96c6\u5718\uff09\u63a7\u80a1\u516c\u53f8\uff08holding company\uff0c\u5373\u4e3b\u8981\u6301\u6709\u5176\u4ed6\u516c\u53f8\u7684\u80a1\u6b0a\uff09\u3002\u516c\u53f8\u65bc\u7d10\u4ea4\u6240\uff08NYSE\uff09\u4e0a\u5e02\uff0c\u80a1\u4efd\u4ee3\u865f\u70baBRK.A\u53caBRK.B\uff1b\u622a\u81f32026\u5e747\u6708\uff0c\u5e02\u503c\u7d041.06\u842c\u5104\u7f8e\u5143\u3002\u5df4\u90e1\u5168\u8cc7\u64c1\u6709\u591a\u9805\u696d\u52d9\uff0c\u5305\u62ecGEICO\uff08\u6c7d\u8eca\u4fdd\u96aa\uff09\u3001BNSF Railway\uff08\u8ca8\u904b\u9435\u8def\uff09\u53caBerkshire Hathaway Energy\uff08\u516c\u7528\u4e8b\u696d\u53ca\u80fd\u6e90\uff09\uff1b\u540c\u6642\u7ba1\u7406\u7d042,631\u5104\u7f8e\u5143\u7684\u4e0a\u5e02\u80a1\u7968\u6295\u8cc7\u7d44\u5408\u3002\u5df4\u83f2\u7279\uff08Warren Buffett\uff09\u4efb\u8463\u4e8b\u6703\u4e3b\u5e2d\uff1b\u963f\u8c9d\u723e\uff08Greg Abel\uff09\u65bc2026\u5e741\u6708\u51fa\u4efb\u884c\u653f\u7e3d\u88c1\uff08CEO\uff09\u3002<\/em><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:separator --><\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><!-- \/wp:separator --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u591a\u6578\u516c\u53f8\u53ea\u505a\u4e00\u985e\u751f\u610f\uff1b\u5df4\u90e1\u66f4\u50cf\u4e00\u500b\u300c\u5c0f\u578b\u7d93\u6fdf\u9ad4\u300d\u3002\u4e00\u908a\u662f\u7d04190\u9593\u5168\u8cc7\u9644\u5c6c\u516c\u53f8\uff0c\u6db5\u84cb\u6c7d\u8eca\u4fdd\u96aa\u3001\u8ca8\u904b\u3001\u767c\u96fb\u3001\u88fd\u78da\u3001\u7cd6\u679c\u96f6\u552e\u53ca\u8ca8\u8eca\u52a0\u6cb9\u7ad9\u7b49\uff1b\u53e6\u4e00\u908a\u662f\u9ad8\u5ea6\u96c6\u4e2d\uff08concentrated\uff0c\u5373\u6301\u80a1\u96c6\u4e2d\u65bc\u5c11\u6578\u80a1\u4efd\uff09\u7684\u4e00\u7c43\u5b50\u4e0a\u5e02\u80a1\u4efd\uff0c\u70ba\u5df4\u83f2\u7279\u53ca\u6295\u8cc7\u5718\u968a\u7d2f\u7a4d\u8d85\u904e40\u5e74\u3002\u8cb7\u5165\u5df4\u90e1\u80a1\u7968\uff0c\u4e0d\u662f\u62bc\u6ce8\u55ae\u4e00\u7522\u54c1\u6216\u55ae\u4e00\u677f\u584a\uff0c\u800c\u662f\u62bc\u6ce8\u5176\u8cc7\u672c\u914d\u7f6e\uff08capital allocation\uff0c\u5373\u628a\u8cc7\u91d1\u5206\u914d\u5230\u6536\u8cfc\u3001\u6295\u8cc7\u3001\u56de\u8cfc\u3001\u73fe\u91d1\u7b49\u9078\u9805\u4ee5\u63d0\u5347\u56de\u5831\uff09\u7684\u80fd\u529b\uff0c\u4ee5\u53ca\u7ba1\u7406\u5c64\u5224\u65b7\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5e02\u5834\u6700\u95dc\u6ce8\u7684\u662f\u4e0a\u5e02\u80a1\u7968\u6295\u8cc7\u7d44\u5408\uff0c\u56e0\u5df4\u90e1\u6309\u6cd5\u898f\u9700\u6bcf\u5b63\u516c\u5e03\uff0c\u6587\u4ef6\u70ba\u7f8e\u570b\u8b49\u4ea4\u6703\uff08SEC\uff09\u7684Form 13F\uff0813F\u7533\u5831\u8868\uff0c\u5373\u62ab\u9732\u7f8e\u570b\u4e0a\u5e02\u80a1\u7968\u6301\u5009\u7684\u5b63\u5ea6\u5831\u544a\uff09\u3002\u672c\u6587\u4ecb\u7d39\u5df4\u90e1\u662f\u751a\u9ebc\u3001\u8ab0\u6301\u6709\u516c\u53f8\u3001\u6700\u65b013F\u62ab\u9732\u7684\u4e3b\u8981\u6301\u5009\u3001\u5404\u6301\u5009\u4f54\u6bd4\u8207\u91d1\u984d\uff0c\u4ee5\u53ca\u80cc\u5f8c\u6295\u8cc7\u7406\u7531\uff1b\u4e26\u8aaa\u660e\u5982\u4f55\u8cb7\u5165\u5df4\u90e1\u80a1\u7968\u3001\u9700\u6ce8\u610f\u98a8\u96aa\uff0c\u4ee5\u53ca\u5982\u4f55\u4ee5\u5dee\u50f9\u5408\u7d04\uff08CFD\uff0cContract for Difference\uff0c\u5373\u8207\u5238\u5546\u5c31\u50f9\u683c\u5347\u8dcc\u7d50\u7b97\u5dee\u984d\u7684\u5408\u7d04\uff0c\u4e0d\u5fc5\u6301\u6709\u5be6\u80a1\uff0c\u53ef\u505a\u591a\u6216\u505a\u7a7a\uff0c\u901a\u5e38\u6d89\u53ca\u69d3\u687f\u53ca\u9694\u591c\u5229\u606f\uff09\u4ea4\u6613\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u91cd\u9ede\u6458\u8981<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:list --><\/p>\n<ul class=\"wp-block-list\"><!-- wp:list-item --><\/ul>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u751a\u9ebc\u662f\u5df4\u90e1\uff1f\u7531\u5931\u6557\u7d21\u7e54\u5ee0\u8b8a\u6210\u842c\u5104\u7f8e\u5143\u7d9c\u5408\u4f01\u696d<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u662f\u591a\u5143\u5316\uff08diversified\uff0c\u5373\u696d\u52d9\u5206\u6563\u65bc\u4e0d\u540c\u7bc4\u7587\uff09\u63a7\u80a1\u516c\u53f8\uff0c\u7e3d\u90e8\u4f4d\u65bc\u5167\u5e03\u62c9\u65af\u52a0\u5dde\u5967\u99ac\u54c8\u3002\u516c\u53f8\u6c92\u6709\u55ae\u4e00\u300c\u4e3b\u6253\u7522\u54c1\u300d\uff0c\u800c\u662f\u6301\u6709\u591a\u9593\u71df\u904b\u4f01\u696d\u7684\u63a7\u80a1\u6b0a\uff08controlling stake\uff0c\u5373\u6301\u80a1\u8db3\u4ee5\u4e3b\u5c0e\u6c7a\u7b56\uff09\uff0c\u540c\u6642\u6301\u6709\u591a\u9593\u4e0a\u5e02\u516c\u53f8\u7684\u5c11\u6578\u80a1\u6b0a\uff08minority stake\uff0c\u5373\u975e\u63a7\u80a1\u6301\u80a1\uff09\uff1b\u8cc7\u91d1\u4e3b\u8981\u4f86\u81ea\u4fdd\u96aa\u696d\u52d9\u7522\u751f\u7684\u73fe\u91d1\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u8d77\u6e90\u4e26\u4e0d\u5149\u9bae\uff1a\u5b83\u539f\u662f\u65b0\u82f1\u683c\u862d\u5730\u5340\u7684\u7d21\u7e54\u4f01\u696d\uff0c1960\u5e74\u4ee3\u521d\u5df4\u83f2\u7279\u958b\u59cb\u8cb7\u5165\u5176\u80a1\u4efd\uff0c1965\u5e74\u53d6\u5f97\u63a7\u5236\u6b0a\uff0c\u4e4b\u5f8c\u7d0420\u5e74\u9010\u6b65\u9000\u51fa\u7d21\u7e54\u696d\uff0c\u4e26\u4ee5\u516c\u53f8\u67b6\u69cb\u4f5c\u70ba\u6536\u8cfc\u5e73\u53f0\u30021967\u5e74\u6536\u8cfc\u9996\u9593\u4fdd\u96aa\u516c\u53f8National Indemnity\uff0c\u5960\u5b9a\u81f3\u4eca\u7684\u904b\u4f5c\u6a21\u5f0f\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>2025\u8ca1\u653f\u5e74\u5ea6\uff0c\u5df4\u90e1\u9304\u5f97<strong><a href=\"https:\/\/www.investopedia.com\/how-berkshire-hathaway-makes-money-4801173\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u7e3d\u6536\u51653,714\u5104\u7f8e\u5143\uff0c\u80a1\u6771\u61c9\u4f54\u7d14\u5229669.7\u5104\u7f8e\u5143<\/a><\/strong>\uff0c\u8f03\u4e0a\u4e00\u5e74\u7684890\u5104\u7f8e\u5143\u4e0b\u8dcc\uff0c\u4e3b\u56e0\u662f\u5176\u4e0a\u5e02\u80a1\u7968\u6309\u5e02\u50f9\u8a08\u503c\uff08mark-to-market\uff0c\u5373\u4ee5\u671f\u672b\u5e02\u5834\u50f9\u683c\u91cd\u4f30\u8cc7\u7522\uff0c\u4ee4\u5e33\u9762\u76c8\u8667\u96a8\u5e02\u6cc1\u6ce2\u52d5\uff09\u5e36\u4f86\u6ce2\u52d5\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"15px\"} --><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5df4\u90e1\u5167\u90e8\u7684\u5169\u500b\u300c\u5f15\u64ce\u300d<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u7406\u89e3\u5df4\u90e1\u80a1\u7968\uff0c\u95dc\u9375\u662f\u5206\u6e05\u4f60\u8cb7\u5165\u7684\u5169\u90e8\u5206\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u5f15\u64ce\u4e00\uff1a\u5168\u8cc7\u71df\u904b\u696d\u52d9\u3002<\/strong>\u9019\u4e9b\u696d\u52d9\u6703\u5408\u4f75\u5165\uff08consolidated\uff0c\u5373\u628a\u9644\u5c6c\u516c\u53f8\u696d\u7e3e\u7d0d\u5165\u96c6\u5718\u5831\u8868\uff09\u5df4\u90e1\u640d\u76ca\u8868\uff0c\u4e26\u4e0d\u6703\u51fa\u73fe\u572813F\u3002\u5305\u62ec\uff1a<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u696d\u52d9<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u696d\u52d9\u5167\u5bb9<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u898f\u6a21<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">GEICO<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u79c1\u4eba\u4e58\u7528\u8eca\u6c7d\u8eca\u4fdd\u96aa\uff0c1996\u5e74\u5168\u8cc7\u6536\u8cfc<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7f8e\u570b\u7b2c\u4e8c\u5927\u6c7d\u8eca\u4fdd\u96aa\u516c\u53f8<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BNSF Railway<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8ca8\u904b\u9435\u8def\uff0c2010\u5e74\u6536\u8cfc<\/td><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u71df\u904b\u73fe\u91d1\u6d4181\u5104\u7f8e\u5143\uff0c\u4e0a\u7e73\u5df4\u90e144\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Berkshire Hathaway Energy<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u53d7\u76e3\u7ba1\u516c\u7528\u4e8b\u696d\uff08regulated utilities\uff0c\u5373\u96fb\u529b\/\u71c3\u6c23\u7b49\u53d7\u653f\u5e9c\u76e3\u7ba1\u5b9a\u50f9\u7684\u670d\u52d9\uff09\u53ca\u7ba1\u9053<\/td><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u6536\u5165262\u5104\u7f8e\u5143\uff0c\u7d04540\u842c\u96f6\u552e\u5ba2\u6236\uff0c\u7d0423,900\u540d\u54e1\u5de5<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Berkshire Hathaway Reinsurance<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5927\u578b\u518d\u4fdd\u96aa\uff08reinsurance\uff0c\u5373\u4fdd\u96aa\u516c\u53f8\u5411\u5176\u4ed6\u4fdd\u96aa\u516c\u53f8\u8f49\u79fb\u98a8\u96aa\uff09\u53ca\u5de8\u707d\u4fdd\u969c<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6295\u8cc7\u300c\u6d6e\u5b58\u91d1\u300d\u4e3b\u8981\u4f86\u6e90<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Precision Castparts<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u822a\u7a7a\u822a\u5929\u96f6\u4ef6\uff0c2016\u5e74\u6536\u8cfc<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u8cfc\u4f5c\u50f9\u7d04370\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Pilot Travel Centers<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8ca8\u8eca\u52a0\u6cb9\u7ad9\u53ca\u71c3\u6599\u96f6\u552e\uff0c2024\u5e74\u53d6\u5f97\u5b8c\u5168\u63a7\u5236<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7f8e\u570b\u6700\u5927\u65c5\u904a\u4e2d\u5fc3\u7db2\u7d61<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5176\u4ed6<\/td><td class=\"has-text-align-center\" data-align=\"center\">See&#8217;s Candies\u3001Dairy Queen\u3001Duracell\u3001Clayton Homes\u3001NetJets\u3001Marmon\u3001McLane\u3001Fruit of the Loom\u3001Benjamin Moore\u3001Shaw Industries\u3001Lubrizol\u3001Forest River\u3001Brooks<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5408\u5171\u7d04190\u9593\u9644\u5c6c\u516c\u53f8<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>2025\u5e7410\u6708\uff0c\u5df4\u90e1\u540c\u610f\u4ee5<strong>97\u5104\u7f8e\u5143\u6536\u8cfcOccidental Petroleum\u65d7\u4e0b\u5316\u5b78\u54c1\u90e8\u9580OxyChem<\/strong>\uff0c\u70ba\u4e09\u5e74\u4f86\u6700\u5927\u4ea4\u6613\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u5f15\u64ce\u4e8c\uff1a\u4e0a\u5e02\u80a1\u7968\u6295\u8cc7\u7d44\u5408\u3002<\/strong>\u537313F\u6bcf\u5b63\u62ab\u9732\u7684\u53ef\u8cb7\u8ce3\u80a1\u7968\uff08marketable equities\uff0c\u5373\u53ef\u5728\u5e02\u5834\u6210\u4ea4\u7684\u4e0a\u5e02\u80a1\u7968\uff09\u7d44\u5408\uff0c\u5e02\u503c\u7d042,631\u5104\u7f8e\u5143\uff0c\u4ea6\u662f\u5927\u773e\u5e38\u8aaa\u7684\u300c\u5df4\u83f2\u7279\u6295\u8cc7\u7d44\u5408\u300d\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5169\u8005\u4e4b\u9593\u7684\u9023\u7d50\u662f\u4fdd\u96aa\u6d6e\u5b58\u91d1\uff08insurance float\uff0c\u5373\u4fdd\u8cbb\u5148\u6536\u3001\u8ce0\u6b3e\u7a0d\u5f8c\u624d\u652f\u4ed8\uff0c\u671f\u9593\u5f62\u6210\u53ef\u6295\u8cc7\u8cc7\u91d1\uff09\u3002\u4fdd\u55ae\u6301\u6709\u4eba\u4eca\u65e5\u7e73\u4fdd\u8cbb\uff0c\u7d22\u511f\u53ef\u80fd\u591a\u5e74\u5f8c\u624d\u652f\u4ed8\uff0c\u9019\u6bb5\u6642\u9593\u5df4\u90e1\u53ef\u904b\u7528\u76f8\u95dc\u8cc7\u91d1\u4f5c\u6295\u8cc7\u3002\u6d6e\u5b58\u91d1\u672c\u8cea\u4e0a\u662f\u6210\u672c\u4f4e\u3001\u671f\u9650\u9577\u7684\u69d3\u687f\u4f86\u6e90\uff0c\u662f\u6563\u6236\u96e3\u4ee5\u8907\u88fd\u7684\u7d50\u69cb\u6027\u512a\u52e2\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5df4\u90e1\u80a1\u7968\u6578\u64da\u4e00\u89bd\uff082026\u5e747\u6708\uff09<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u6307\u6a19<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u6578\u503c<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5e02\u503c<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d041.058\u842c\u5104\u7f8e\u5143\uff08\u5168\u7403\u7b2c14\u5927\u516c\u53f8\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BRK.A\u80a1\u50f9<\/td><td class=\"has-text-align-center\" data-align=\"center\">733,526\u7f8e\u5143\uff082026\u5e747\u670821\u65e5\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BRK.B\u80a1\u50f9<\/td><td class=\"has-text-align-center\" data-align=\"center\">489.39\u7f8e\u5143\uff082026\u5e747\u670822\u65e5\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u6536\u5165<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,714\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u7d14\u5229<\/td><td class=\"has-text-align-center\" data-align=\"center\">669.7\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2026\u5e74\u9996\u5b63\u71df\u904b\u76c8\u5229\uff08operating earnings\uff0c\u5373\u6263\u9664\u6295\u8cc7\u4f30\u503c\u6ce2\u52d5\u7b49\u975e\u6838\u5fc3\u9805\u76ee\u7684\u6838\u5fc3\u76c8\u5229\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">113.5\u5104\u7f8e\u5143\uff08\u6309\u5e74+18%\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2026\u5e74\u9996\u5b63\u6de8\u5229\u6f64<\/td><td class=\"has-text-align-center\" data-align=\"center\">101\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u73fe\u91d1\u53ca\u77ed\u671f\u7f8e\u570b\u570b\u5eab\u5238\uff082026\u5e743\u670831\u65e5\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,974\u5104\u7f8e\u5143\uff08\u5275\u65b0\u9ad8\uff09<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">13F\u62ab\u9732\u80a1\u7968\u7d44\u5408\uff082026\u5e743\u670831\u65e5\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,631\u5104\u7f8e\u5143\uff0c26\u9593\u516c\u53f8<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u80a1\u606f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u81ea1967\u5e74\u8d77\u4e0d\u6d3e\u606f<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2025\u5e74\u80a1\u50f9\u8868\u73fe<\/td><td class=\"has-text-align-center\" data-align=\"center\">BRK.A +10%\uff1b\u6a19\u666e500\uff08S&amp;P 500\uff0c\u5373\u53cd\u6620\u7f8e\u80a1\u5927\u578b\u80a1\u8868\u73fe\u7684\u4e3b\u8981\u6307\u6578\uff09+16.4%<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">BRK.A vs BRK.B\uff1a\u70ba\u4f55\u4e00\u80a1\u898173.3\u842c\u7f8e\u5143\uff0c\u53e6\u4e00\u80a1\u53ea\u9700489\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u5f9e\u672a\u62c6\u7d30\uff08stock split\uff0c\u5373\u628a\u6bcf\u80a1\u62c6\u6210\u66f4\u591a\u80a1\u4ee5\u964d\u4f4e\u80a1\u50f9\uff0c\u4f46\u516c\u53f8\u7e3d\u503c\u4e0d\u8b8a\uff09A\u985e\u80a1\u3002\u5df4\u83f2\u7279\u8868\u793a\uff0c\u9ad8\u80a1\u50f9\u53ef\u6e1b\u5c11\u77ed\u7dda\u7092\u4f5c\uff0c\u5438\u5f15\u9577\u7dda\u80a1\u6771\u3002\u7531\u65bcA\u985e\u80a1\u5c0d\u4e00\u822c\u6295\u8cc7\u8005\u4e0d\u6613\u8ca0\u64d4\uff0c\u5df4\u90e1\u65bc1996\u5e74\u63a8\u51faB\u985e\u80a1\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u9805\u76ee<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>BRK.A<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>BRK.B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5927\u7d04\u80a1\u50f9\uff082026\u5e747\u6708\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">733,526\u7f8e\u5143<\/td><td class=\"has-text-align-center\" data-align=\"center\">489.39\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u7d93\u6fdf\u6b0a\u76ca\uff08economic rights\uff0c\u5373\u5206\u7d05\u53ca\u8cc7\u7522\u6b0a\u76ca\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\u500b\u55ae\u4f4d<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u76f8\u7576\u65bcA\u985e\u80a1\u76841\/1,500<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u6295\u7968\u6b0a\uff08voting rights\uff0c\u5373\u80a1\u6771\u8868\u6c7a\u6b0a\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\u7968<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u76f8\u7576\u65bcA\u985e\u7968\u6578\u76841\/10,000<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u53ef\u5426\u8f49\u63db\uff08convertible\uff0c\u5373\u53ef\u5426\u628a\u4e00\u985e\u80a1\u63db\u6210\u53e6\u4e00\u985e\u80a1\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u53ef\u4ee5\uff0c\u8f49\u70ba1,500\u80a1B\u985e<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e0d\u53ef\u4ee5\uff0c\u4e0d\u80fd\u8f49\u56deA\u985e<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5e38\u898b\u6301\u6709\u4eba<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u9577\u7dda\u6301\u6709\u4eba\u3001\u907a\u7522\u57fa\u91d1\u3001\u6a5f\u69cb<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6563\u6236\u3001\u6307\u6578\u57fa\u91d1\u3001ETF\uff08\u4ea4\u6613\u6240\u8cb7\u8ce3\u57fa\u91d1\uff0c\u5373\u5728\u4ea4\u6613\u6240\u8cb7\u8ce3\u3001\u8ffd\u8e64\u6307\u6578\u6216\u8cc7\u7522\u7684\u57fa\u91d1\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u55ae\u5411\u8f49\u63db\u5f88\u91cd\u8981\uff1a\u5df4\u83f2\u7279\u7528\u5b83\u4f5c\u6148\u5584\u6350\u8d08\u2014\u2014\u628aA\u985e\u80a1\u8f49\u6210B\u985e\u80a1\uff0c\u518d\u6350\u51faB\u985e\u80a1\uff1b\u4ea6\u4ee4A\u985e\u80a1\u6295\u7968\u6b0a\u9010\u6b65\u88ab\u7a00\u91cb\uff08voting power dilution\uff0c\u5373\u6301\u80a1\u7d50\u69cb\u8b8a\u5316\u4ee4\u6295\u7968\u6b0a\u6bd4\u4f8b\u4e0b\u964d\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5c0d\u5927\u90e8\u5206\u6563\u6236\u53caCFD\u4ea4\u6613\u8005\uff0c<strong>BRK.B\u624d\u662f\u4e3b\u8981\u9078\u64c7<\/strong>\uff1b\u5176\u8d70\u52e2\u8207BRK.A\u5e7e\u4e4e\u4e00\u81f4\uff0c\u80a1\u50f9\u7d04\u70ba1\/1,500\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u8ab0\u6301\u6709\u5df4\u90e1\uff1f<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u80a1\u6b0a\u7531\u4e00\u540d\u6301\u80a1\u6975\u5927\u7684\u500b\u4eba\u3001\u4e09\u5927\u6307\u6578\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\uff0c\u4ee5\u53ca\u5927\u91cf\u6563\u6236\u80a1\u6771\u7d44\u6210\u3002\u7531\u65bc\u63a1\u7528\u96d9\u91cd\u80a1\u6b0a\uff08dual-class\uff0c\u5373A\/B\u5169\u985e\u80a1\u4efd\u6b0a\u5229\u4e0d\u540c\uff09\u67b6\u69cb\uff0c\u7d93\u6fdf\u6b0a\u76ca\u8207\u6295\u7968\u63a7\u5236\u6b0a\u5206\u5e03\u4e0d\u540c\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"15px\"} --><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5df4\u83f2\u7279\uff1a\u4ecd\u662f\u6700\u5927\u80a1\u6771\uff0c\u4e26\u6301\u7e8c\u6350\u51fa\u6301\u80a1<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u83f2\u7279\u4ecd\u70ba\u5df4\u90e1\u6700\u5927\u55ae\u4e00\u80a1\u6771\u53ca\u4e3b\u5e2d\u3002\u65bc2026\u5e747\u6708\u6350\u8d08\u5f8c\uff0c\u4ed6\u6301\u7d04<strong>18.8\u842c\u80a1A\u985e\u80a1\uff08\u5e02\u503c\u7d041,380\u5104\u7f8e\u5143\uff09<\/strong>\uff0c\u7d04\u76f8\u7576\u65bc<strong>\u516c\u53f8\u7e3d\u6295\u7968\u6b0a30%<\/strong>\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u8a72\u6301\u80a1\u6bd4\u4f8b\u6309\u8a08\u5283\u4e0b\u964d\u30022026\u5e747\u670814\u65e5\uff0c\u5df4\u83f2\u7279\u628a8,000\u80a1A\u985e\u80a1\u8f49\u70ba1,200\u842c\u80a1B\u985e\u80a1\uff0c\u4e26\u628a\u5168\u90e81,200\u842c\u80a1\uff08\u7d04\u503c60\u5104\u7f8e\u5143\uff09\u6350\u4e88\u56db\u500b\u5bb6\u65cf\u57fa\u91d1\u6703\uff1a<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u53d7\u8d08\u57fa\u91d1\u6703<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>B\u985e\u80a1\u6578\u76ee<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f30\u7b97\u50f9\u503c<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Susan Thompson Buffett Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">9,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d0444\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Sherwood Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d045\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Howard G. Buffett Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d045\u5104\u7f8e\u5143<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">NoVo Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d045\u5104\u7f8e\u5143<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u53e6\u9808\u7559\u610f\uff1a\u904e\u53bb\u8fd120\u5e74\u4e00\u76f4\u63a5\u53d7\u5df4\u83f2\u7279\u5e74\u5ea6\u6350\u8d08\u7684Bill &amp; Melinda Gates Foundation\u672a\u7372\u7d0d\u5165\u3002\u5df4\u83f2\u7279\u8868\u793a\u76ee\u6a19\u662f<strong>\u57282034\u5e74\u5e95\u524d\u8655\u7f6e\uff08dispose\uff0c\u5373\u9010\u6b65\u51fa\u552e\/\u6350\u51fa\uff09\u5176\u9918\u6240\u6709\u6301\u80a1<\/strong>\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5c0d\u73fe\u6642\u8cb7\u5165\u5df4\u90e1\u7684\u4eba\uff0c\u9019\u662f\u7d50\u69cb\u6027\u56e0\u7d20\uff1a\u672a\u4f86\u6578\u5e74\u5e02\u5834\u6703\u6301\u7e8c\u589e\u52a0B\u985e\u80a1\u4f9b\u61c9\uff08\u5373\u6350\u8d08\u5f8c\u57fa\u91d1\u6703\u53ef\u80fd\u8ce3\u80a1\u4ee5\u64a5\u6b3e\uff09\uff0c\u540c\u6642\u5df4\u83f2\u7279\u7684\u6295\u7968\u6b0a\u300c\u8b77\u57ce\u6cb3\u300d\uff08\u904e\u53bb\u53ef\u62b5\u79a6\u6fc0\u9032\u80a1\u6771\u8981\u6c42\u62c6\u5206\u516c\u53f8\u7684\u58d3\u529b\uff09\u9010\u6b65\u6e1b\u5f31\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u963f\u8c9d\u723e\u63a5\u68d2\u5f8c\u7684\u7ba1\u7406\u67b6\u69cb<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u963f\u8c9d\u723e\u65bc2026\u5e741\u67081\u65e5\u51fa\u4efb\u5df4\u90e1CEO<\/strong>\uff0c2025\u5e745\u6708\u88ab\u78ba\u8a8d\u70ba\u63a5\u73ed\u4eba\u3002\u5df4\u83f2\u7279\u4fdd\u7559\u4e3b\u5e2d\u8077\u4f4d\u3002\u963f\u8c9d\u723e\u6b64\u524d\u7ba1\u7406Berkshire Hathaway Energy\uff0c\u4e26\u8ca0\u8cac\u6240\u6709\u975e\u4fdd\u96aa\u696d\u52d9\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u963f\u8c9d\u723e\u6301\u6709<strong>\u5c11\u65bc1%\u5df4\u90e1\u80a1\u4efd<\/strong>\uff0c\u516c\u53f8\u7ba1\u6cbb\uff08governance\uff0c\u5373\u8463\u4e8b\u6703\u53ca\u7ba1\u7406\u5c64\u7684\u6b0a\u529b\u8207\u76e3\u7763\u5b89\u6392\uff09\u91cd\u9ede\u96a8\u4e4b\u6539\u8b8a\uff1a\u8cc7\u672c\u914d\u7f6e\u7531\u4e00\u540d\u6c92\u6709\u63a7\u5236\u6027\u6301\u80a1\u7684\u884c\u653f\u7e3d\u88c1\u4e3b\u5c0e\uff0c\u4e3b\u5e2d\u5247\u6301\u7e8c\u6350\u51fa\u80a1\u4efd\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u57282026\u5e745\u6708\u80a1\u6771\u5927\u6703\uff0c\u963f\u8c9d\u723e\u660e\u8a00\u4e0d\u6703\u628a\u5df4\u90e1\u62c6\u5206\uff0c\u5f37\u8abf\u5ef6\u7e8c\u5df4\u83f2\u7279\u65b9\u5f0f\u3002\u5e02\u5834\u6d88\u606f\u6307\u4ed6\u6bd4\u5df4\u83f2\u7279\u66f4\u6ce8\u91cd\u71df\u904b\uff0c\u5c0d\u9644\u5c6c\u516c\u53f8\u7ba1\u7406\u5c64\u8981\u6c42\u66f4\u9ad8\uff0c\u4ea6\u63a8\u52d5\u4e0d\u540c\u90e8\u9580\u5408\u4f5c\u3002\u5df4\u83f2\u7279\u4ea6\u8868\u793a\uff0c\u5176\u5b50Howard Buffett\u5c07\u5728\u4ed6\u96e2\u4e16\u5f8c\u51fa\u4efb\u975e\u57f7\u884c\u4e3b\u5e2d\uff08non-executive chairman\uff0c\u5373\u4e0d\u8ca0\u8cac\u65e5\u5e38\u7ba1\u7406\u7684\u4e3b\u5e2d\uff09\uff0c\u4e3b\u8981\u8ca0\u8cac\u7dad\u6301\u6587\u5316\u800c\u975e\u71df\u904b\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u6307\u6578\u57fa\u91d1\u5de8\u982d<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u662f\u6a19\u666e500\u91cd\u8981\u6210\u4efd\u80a1\uff0c\u88ab\u52d5\u57fa\u91d1\uff08passive funds\uff0c\u5373\u6309\u6307\u6578\u6b0a\u91cd\u8cb7\u8ce3\uff0c\u4e0d\u4e3b\u52d5\u9078\u80a1\uff09\u6301\u5009\u9f90\u5927\u3002\u6309\u6700\u65b0\u62ab\u9732\uff1a<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u80a1\u6771<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f30\u7b97B\u985e\u80a1\u6578\u76ee<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f30\u7b97\u4f54B\u985e\u5df2\u767c\u884c\u80a1\u672c\u6bd4\u4f8b<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5df4\u83f2\u7279\uff08\u4ee5A\u985e\u80a1\u8a08\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d0418.8\u842c\u80a1A\u985e<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d04\u4f54\u7e3d\u6295\u7968\u6b0a30%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Vanguard<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d041.48\u5104\u80a1<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d0411%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BlackRock<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d041.116\u5104\u80a1<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d048.3%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">State Street<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d047,170\u842c\u80a1<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d045.35%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5df4\u83f2\u7279\u5bb6\u65cf\u57fa\u91d1\u6703\u53caGates Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6301\u5009\u53ef\u89c0\uff0c\u96a8\u51fa\u552e\u4ee5\u64a5\u6b3e\u800c\u4e0b\u964d<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e0d\u4e00<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5176\u4ed6\u6a5f\u69cb\u53ca\u6563\u6236<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5176\u9918<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4f54B\u985e\u6d41\u901a\u80a1\uff08float\uff0c\u5373\u53ef\u5728\u5e02\u5834\u81ea\u7531\u8cb7\u8ce3\u7684\u80a1\u4efd\uff09\u5927\u90e8\u5206<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Vanguard\u8207BlackRock\u5408\u8a08\u6301\u6709\u903e12%\u80a1\u4efd\uff0c\u4e3b\u8981\u900f\u904e\u6307\u6578\u7522\u54c1\u6301\u6709\uff0c\u5c6c\u6a5f\u68b0\u5f0f\u6301\u5009\uff08mechanical positions\uff0c\u5373\u6309\u6307\u6578\u6b0a\u91cd\u88ab\u52d5\u914d\u7f6e\uff09\uff0c\u4e0d\u7b49\u540c\u4e3b\u52d5\u62bc\u6ce8\u5df4\u83f2\u7279\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u5df4\u90e1\u6700\u5927\u80a1\u7968\u6301\u5009\uff1a2,631\u5104\u7f8e\u5143\u914d\u7f6e\u53bb\u5411<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e12026\u5e74\u9996\u5b6313F\u65bc2026\u5e745\u670815\u65e5\u5411SEC\u63d0\u4ea4\uff0c\u62ab\u9732\u622a\u81f32026\u5e743\u670831\u65e5\u6301\u5009\uff1a<strong>\u51712,631\u5104\u7f8e\u5143\uff0c\u6295\u8cc726\u9593\u516c\u53f8<\/strong>\u3002\u76f8\u6bd42025\u5e7412\u6708\u5e95\u76842,742\u5104\u7f8e\u5143\u53ca39\u9593\u516c\u53f8\uff0c\u898f\u6a21\u53ca\u6578\u76ee\u5747\u4e0b\u964d\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u6700\u5927\u7279\u9ede\u662f\u9ad8\u5ea6\u96c6\u4e2d\uff1a<strong>\u524d\u4e09\u5927\u6301\u5009\u5408\u8a08\u4f5451%<\/strong>\uff0c<strong>\u524d\u4e94\u5927\u4f5467.1%<\/strong>\uff0c<strong>\u524d\u5341\u5927\u4f5491.1%<\/strong>\uff1b\u5176\u991816\u9593\u516c\u53f8\u5408\u8a08\u4e0d\u8db39%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"15px\"} --><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5b8c\u6574\u6301\u5009\u8868\uff1a\u5df4\u90e1\u4e3b\u8981\u6301\u80a1\uff08\u622a\u81f32026\u5e743\u670831\u65e5\uff09<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>#<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u516c\u53f8<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4ee3\u865f<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u6301\u80a1\u6578\u76ee<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u5e02\u503c\uff08\u7f8e\u5143\uff09<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f54\u7d44\u5408\u6bd4\u4f8b<\/strong><\/td><\/tr>&#8230;\uff08\u8868\u683c\u5185\u5bb9\u7701\u7565\uff0c\u5df2\u4fdd\u7559\uff09&#8230;<\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><em>\u8cc7\u6599\u4f86\u6e90\uff1aBerkshire Hathaway Inc. Form 13F-HR\uff0813F\u5b63\u5ea6\u6301\u5009\u7533\u5831\uff09\uff0c\u65bc2026\u5e745\u670815\u65e5\u63d0\u4ea4\uff1b\u6301\u5009\u622a\u81f32026\u5e743\u670831\u65e5\u3002\u6578\u64da\u5df2\u5408\u4f75\u4e0d\u540c\u80a1\u4efd\u985e\u5225\u53ca\u4e0d\u540c\u7ba1\u7406\u5e33\u6236\u3002<\/em><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u884c\u696d\u96c6\u4e2d\u5ea6<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u6309\u884c\u696d\u5206\u985e\uff0c\u53ef\u898b\u5df4\u90e1\u504f\u597d\uff1a<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u884c\u696d<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u6301\u5009<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u4f54\u7d44\u5408\u6bd4\u4f8b<\/strong><\/td><\/tr>&#8230;\uff08\u8868\u683c\u5185\u5bb9\u7701\u7565\uff0c\u5df2\u4fdd\u7559\uff09&#8230;<\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u7d04\u4e09\u5206\u4e8c\u8cc7\u91d1\u96c6\u4e2d\u65bc\u5169\u5927\u985e\uff1a\u91d1\u878d\u670d\u52d9\u53ca\u9762\u5411\u6d88\u8cbb\u8005\u7684\u79d1\u6280\u3002\u9019\u53cd\u6620\u5df4\u83f2\u7279\u504f\u597d\u300c\u6536\u8cbb\u7ad9\u5f0f\u300d\u751f\u610f\uff08toll-booth business\uff0c\u5373\u6191\u7db2\u7d61\u3001\u54c1\u724c\u6216\u898f\u7ba1\u5730\u4f4d\uff0c\u5411\u5927\u91cf\u4ea4\u6613\u6536\u53d6\u5c0f\u984d\u8cbb\u7528\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">\u5df4\u90e1\u5341\u5927\u6301\u5009\u9010\u4e00\u89e3\u8b80<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u6301\u5009\u8868\u53ea\u544a\u8a34\u4f60\u8cb7\u4e86\u751a\u9ebc\uff0c\u672a\u5fc5\u89e3\u91cb\u539f\u56e0\u3002\u4ee5\u4e0b\u5341\u5927\u6301\u5009\u5404\u6709\u8cb7\u5165\u80cc\u666f\u53ca\u7528\u9014\uff0c\u90e8\u5206\u6301\u6709\u6642\u9593\u9060\u8d85\u591a\u6578\u57fa\u91d1\u5e74\u671f\u3002\u6309\u898f\u6a21\u6392\u5e8f\uff0c\u5e7e\u4e4e\u53ef\u770b\u6210\u5df4\u83f2\u7279\u6295\u8cc7\u601d\u8def\u7684\u6642\u9593\u7dda\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"15px\"} --><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">1. \u860b\u679c\uff08AAPL\uff09\uff1a\u4f5421.99%\uff0c578.4\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>227,917,808\u80a1\uff0c\u7d04\u4f54\u860b\u679c1.6%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u81ea2018\u5e74\u8d77\u860b\u679c\u4e00\u76f4\u662f\u5df4\u90e1\u6700\u5927\u6301\u5009\uff0c\u5373\u4f7f\u591a\u5e74\u6e1b\u6301\u4ecd\u7136\u5982\u6b64\u3002\u5df4\u90e1\u65bc2016\u5e74\u9996\u6b21\u8cb7\u5165\uff0c\u7576\u6642\u5e02\u5834\u610f\u5916\uff0c\u56e0\u5df4\u83f2\u7279\u4ee5\u5f80\u5c11\u6295\u79d1\u6280\u80a1\u3002\u4ed6\u7684\u7406\u89e3\u662f\uff1a\u860b\u679c\u66f4\u50cf\u6d88\u8cbb\u54c1\u516c\u53f8\uff0c\u8b77\u57ce\u6cb3\u4f86\u81ea\u8f49\u63db\u6210\u672c\uff08switching costs\uff0c\u5373\u7528\u6236\u8f49\u7528\u5176\u4ed6\u54c1\u724c\u7684\u6210\u672c\uff0c\u4f8b\u5982\u8cc7\u6599\u3001\u61c9\u7528\u7a0b\u5f0f\u3001\u8a0a\u606f\u3001\u751f\u614b\u7cfb\u7d71\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u6301\u5009\u9ad8\u5cf0\u671f\uff08\u6309\u62c6\u7d30\u5f8c\u53e3\u5f91\uff09\u66fe\u8d85\u904e9\u5104\u80a1\uff0c\u5176\u5f8c\u7d2f\u8a08\u6e1b\u6301\u7d0475%\uff0c2024\u5e74\u5c24\u70ba\u660e\u986f\uff0c\u9396\u5b9a\u5de8\u984d\u76c8\u5229\u4e26\u7522\u751f\u53ef\u89c0\u7a05\u9805\u3002\u5df4\u83f2\u7279\u66fe\u6307\uff0c\u90e8\u5206\u6e1b\u6301\u8207\u9810\u671f\u7f8e\u570b\u8cc7\u672c\u589e\u503c\u7a05\uff08capital gains tax\uff0c\u5373\u6295\u8cc7\u8cc7\u7522\u5347\u503c\u5f8c\u51fa\u552e\u9700\u7e73\u7a05\uff09\u53ef\u80fd\u4e0a\u8abf\u6709\u95dc\uff0c\u800c\u975e\u5c0d\u860b\u679c\u770b\u6cd5\u9006\u8f49\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u91cd\u9ede\uff1a<\/strong>\u5373\u4f7f\u662f\u5df4\u90e1\u53f2\u4e0a\u6700\u5927\u898f\u6a21\u6e1b\u6301\uff0c\u860b\u679c\u4ecd\u4f54\u7d44\u5408\u903e\u4e94\u5206\u4e00\uff0c\u53cd\u6620\u6e1b\u6301\u66f4\u591a\u662f\u63a7\u5236\u5009\u4f4d\u8207\u7a05\u52d9\u5b89\u6392\u3002\u4ee5\u73fe\u6642\u6301\u80a1\u8a08\uff0c\u860b\u679c\u80a1\u606f\u6bcf\u5e74\u7d04\u70ba\u5df4\u90e1\u5e36\u4f862.5\u5104\u7f8e\u5143\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">2. American Express\uff08AXP\uff09\uff1a\u4f5417.43%\uff0c458.6\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>151,610,700\u80a1\uff0c\u7d04\u4f54American Express 22%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u9019\u6700\u80fd\u53cd\u6620\u5df4\u83f2\u7279\u5c0d\u300c\u6642\u9593\u300d\u7684\u770b\u6cd5\u3002\u5df4\u90e1\u65bc1991\u81f31995\u5e74\u7d2f\u7a4dAmex\u6301\u5009\uff0c\u6210\u672c\u7d04<strong>12.9\u5104\u7f8e\u5143<\/strong>\uff1b\u73fe\u50f9\u503c<strong>458.6\u5104\u7f8e\u5143<\/strong>\uff0c\u5347\u503c\u903e35\u500d\uff0c\u800c\u591a\u5e74\u4f86\u672a\u518d\u8cb7\u8ce3\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u6301\u80a1\u6578\u91cf\u4e0d\u8b8a\uff0c\u4f46Amex\u6301\u7e8c\u56de\u8cfc\uff08buyback\uff0c\u5373\u516c\u53f8\u8cb7\u56de\u81ea\u5bb6\u80a1\u4efd\uff0c\u6e1b\u5c11\u6d41\u901a\u80a1\u63d0\u5347\u6bcf\u80a1\u76c8\u5229\uff09\uff0c\u4ee4\u5df4\u90e1\u6301\u80a1\u6bd4\u4f8b\u81ea\u52d5\u4e0a\u5347\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>2025\u5e74Amex\u5411\u5df4\u90e1\u6d3e\u606f\u7d04<strong>4.79\u5104\u7f8e\u5143<\/strong>\uff1b\u6309\u539f\u59cb\u6210\u672c\u8a08\uff0c\u7b49\u540c\u6bcf\u5e74\u56de\u5831\u9060\u8d85\u300c\u539f\u59cb\u8cb7\u5165\u6210\u672c\u7684\u4e09\u5206\u4e4b\u4e00\u300d\uff08yield on cost\uff0c\u5373\u4ee5\u73fe\u6642\u6d3e\u606f\u9664\u4ee5\u591a\u5e74\u524d\u8cb7\u5165\u6210\u672c\u8a08\u7b97\u7684\u56de\u5831\u7387\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u91cd\u9ede\uff1a<\/strong>Amex\u5c6c\u300c\u9589\u74b0\u300d\u652f\u4ed8\u7db2\u7d61\uff08closed-loop\uff0c\u5373\u540c\u6642\u8ca0\u8cac\u767c\u5361\u8207\u4ea4\u6613\u8655\u7406\uff09\uff0c\u4e3b\u653b\u9ad8\u6536\u5165\u5ba2\u7fa4\uff0c\u58de\u5e33\u8f03\u4f4e\u3001\u6d88\u8cbb\u8f03\u9ad8\uff0c\u54c1\u724c\u5e36\u4f86\u5b9a\u50f9\u529b\uff08pricing power\uff0c\u5373\u53ef\u5728\u4e0d\u6d41\u5931\u5927\u91cf\u5ba2\u6236\u4e0b\u52a0\u50f9\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">3. \u53ef\u53e3\u53ef\u6a02\uff08KO\uff09\uff1a\u4f5411.56%\uff0c304.2\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>4\u5104\u80a1\uff0c\u81ea1994\u5e74\u8d77\u4e0d\u8b8a\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u53ef\u53e3\u53ef\u6a02\u6700\u80fd\u9ad4\u73fe\u5df4\u83f2\u7279\u7684\u6301\u6709\u671f\u3002\u5df4\u90e1\u57281987\u5e74\u80a1\u707d\u5f8c\u8cb7\u5165\uff0c\u4e26\u65bc1994\u5e74\u5b8c\u6210\u7d2f\u7a4d\uff0c\u7e3d\u6210\u672c\u7d04<strong>13\u5104\u7f8e\u5143<\/strong>\uff1b30\u591a\u5e74\u5f9e\u672a\u8b8a\u52d5\uff0c\u73fe\u50f9\u503c<strong>304.2\u5104\u7f8e\u5143<\/strong>\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u66f4\u91cd\u8981\u662f\u73fe\u91d1\u56de\u5831\uff1a\u53ef\u53e3\u53ef\u6a02\u57282025\u5e74\u5411\u5df4\u90e1\u6d3e\u606f<strong>8.16\u5104\u7f8e\u5143<\/strong>\u3002\u6309\u539f\u59cb\u6210\u672c\u8a08\uff0c\u7b49\u540c<strong>\u7d0463%\u7684\u300c\u6309\u6210\u672c\u8a08\u80a1\u606f\u56de\u5831\u7387\u300d<\/strong>\uff08yield on cost\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u91cd\u9ede\uff1a<\/strong>\u8cb7\u5165\u53ef\u53e3\u53ef\u6a02\u4e26\u975e\u62bc\u6ce8\u9ad8\u589e\u9577\uff0c\u800c\u662f\u62bc\u6ce8\u54c1\u724c\u8207\u5206\u92b7\u7db2\u7d61\u5e36\u4f86\u9577\u671f\u7a69\u5b9a\u73fe\u91d1\u6d41\uff1b\u5728\u56fa\u5b9a\u6210\u672c\u4e0b\uff0c\u80a1\u606f\u9010\u5e74\u589e\u9577\u6703\u628a\u73fe\u91d1\u56de\u5831\u300c\u8d8a\u6efe\u8d8a\u5927\u300d\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">4. \u7f8e\u570b\u9280\u884c\uff08BAC\uff09\uff1a\u4f549.52%\uff0c250.4\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>513,624,165\u80a1\uff0c\u7d04\u4f54\u7f8e\u570b\u9280\u884c7%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u65bc2011\u5e74\u5165\u80a1\uff1a\u5176\u6642\u5e02\u5834\u5c0d\u91d1\u878d\u5371\u6a5f\u5f8c\u7684\u9280\u884c\u4fe1\u5fc3\u4e0d\u8db3\uff0c\u5df4\u83f2\u7279\u63d0\u4f9b50\u5104\u7f8e\u5143\u8cc7\u91d1\uff0c\u63db\u53d6\u512a\u5148\u80a1\uff08preferred stock\uff0c\u5373\u512a\u5148\u6536\u606f\/\u5206\u7d05\u3001\u6e05\u76e4\u6642\u512a\u5148\u53d7\u511f\u7684\u80a1\u4efd\uff09\u53ca\u8a8d\u80a1\u6b0a\u8b49\uff08warrants\uff0c\u5373\u4ee5\u6307\u5b9a\u50f9\u683c\u5728\u672a\u4f86\u8cb7\u5165\u80a1\u4efd\u7684\u6b0a\u5229\uff09\u30022017\u5e74\u5df4\u90e1\u884c\u4f7f\u6b0a\u8b49\uff0c\u4ee5\u4f4e\u65bc\u5e02\u50f9\u7684\u6210\u672c\u628a\u300c\u6551\u52a9\u5b89\u6392\u300d\u8b8a\u6210\u5927\u578b\u666e\u901a\u80a1\u6301\u5009\uff0c\u6210\u672c\u7d04146\u5104\u7f8e\u5143\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u81ea2024\u5e74\u4e2d\u8d77\u6301\u7e8c\u6e1b\u6301\uff1b2026\u5e74\u9996\u5b63\u50c5\u5c0f\u5e45\u6e1b\u5c11\u7d040.7%\uff0c\u986f\u793a\u5927\u898f\u6a21\u6e1b\u6301\u53ef\u80fd\u63a5\u8fd1\u5c3e\u8072\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u91cd\u9ede\uff1a<\/strong>BAC\u5c0d\u7f8e\u570b\u6d88\u8cbb\u8005\u53ca\u5229\u7387\u8f03\u654f\u611f\uff1b\u5176\u9f90\u5927\u4f4e\u6210\u672c\u5b58\u6b3e\u57fa\u790e\uff08deposit base\uff0c\u5373\u5ba2\u6236\u5b58\u6b3e\uff0c\u9280\u884c\u7528\u4ee5\u653e\u8cb8\u53ca\u6295\u8cc7\uff09\u5728\u52a0\u606f\u5468\u671f\u66f4\u6709\u5229\u3002\u5df4\u90e1\u5728\u9000\u51fa\u591a\u6578\u5927\u578b\u91d1\u878d\u6301\u5009\u5f8c\u4ecd\u4fdd\u7559BAC\uff0c\u53cd\u6620\u5176\u8a8d\u70ba\u5927\u578b\u5b58\u6b3e\u578b\u9280\u884c\u8207\u4e00\u822c\u9280\u884c\u4e0d\u540c\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">5. \u96ea\u4f5b\u9f8d\uff08CVX\uff09\uff1a\u4f546.64%\uff0c174.6\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>84,375,856\u80a1\uff0c2026\u5e74\u9996\u5b63\u6e1b\u630135.2%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u96ea\u4f5b\u9f8d\u662f\u5df4\u90e1\u75ab\u60c5\u5f8c\u6700\u660e\u986f\u7684\u80fd\u6e90\u62bc\u6ce8\uff0c\u65bc2020\u81f32022\u5e74\u5feb\u901f\u5efa\u7acb\uff0c\u57fa\u65bc\u5168\u7403\u80fd\u6e90\u9700\u6c42\u589e\u9577\u5feb\u65bc\u4e0a\u6e38\u4f9b\u61c9\u6295\u8cc7\u3002\u96ea\u4f5b\u9f8d\u70ba\u4e00\u9ad4\u5316\uff08integrated\uff0c\u5373\u6db5\u84cb\u4e0a\u6e38\u52d8\u63a2\u958b\u63a1\u3001\u4e2d\u6e38\u904b\u8f38\u3001\u4e0b\u6e38\u7149\u5316\u92b7\u552e\uff09\u77f3\u6cb9\u5de8\u982d\uff0c\u64c1\u6709\u7f8e\u570b\u4e8c\u758a\u7d00\u76c6\u5730\uff08Permian Basin\uff09\u4f4e\u6210\u672c\u8cc7\u7522\uff0c\u8cc7\u7522\u8ca0\u50b5\u8868\u7a69\u5065\uff0c\u4e26\u9577\u671f\u589e\u52a0\u6d3e\u606f\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>2026\u5e74\u9996\u5b63\u70ba\u8a72\u6301\u5009\u6b77\u4f86\u6700\u5927\u55ae\u5b63\u6e1b\u6301\uff0c\u51fa\u552e\u903e4,500\u842c\u80a1\u3002\u52a0\u4e0aOccidental\u6301\u80a1\u4e0d\u8b8a\uff0c\u5df4\u90e1\u80fd\u6e90\u6bd4\u91cd\u8b8a\u5316\u4e3b\u8981\u53d7Occidental\u80a1\u50f9\u4e0a\u5347\u5e36\u52d5\uff1b\u82e5\u4ee5\u6301\u80a1\u6578\u91cf\u8a08\uff0c\u5df4\u90e1\u5be6\u969b\u964d\u4f4e\u77f3\u6cb9\u655e\u53e3\uff08exposure\uff0c\u5373\u5c0d\u67d0\u8cc7\u7522\/\u884c\u696d\u50f9\u683c\u8b8a\u52d5\u7684\u654f\u611f\u5ea6\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">6. Occidental Petroleum\uff08OXY\uff09\uff1a\u4f546.55%\uff0c172.2\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>264,941,431\u80a1\uff0c\u7d04\u4f54<strong>Occidental 26.6%<\/strong>\uff1b\u53e6\u6301\u670985\u5104\u7f8e\u5143\u512a\u5148\u80a1\u53ca\u8a8d\u80a1\u6b0a\u8b49\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Occidental\u662f\u5df4\u90e1\u6700\u50cf\u300c\u7b56\u7565\u4f19\u4f34\u300d\u7684\u6301\u5009\u30022019\u5e74\u5df4\u90e1\u70baOccidental\u6536\u8cfcAnadarko\u63d0\u4f9b100\u5104\u7f8e\u5143\u8cc7\u91d1\uff0c\u63db\u53d6\u5e74\u606f8%\u512a\u5148\u80a1\uff08coupon\uff0c\u5373\u50b5\u5238\/\u985e\u50b5\u5de5\u5177\u7684\u7968\u606f\u6216\u56fa\u5b9a\u5229\u606f\uff09\u53ca\u8a8d\u80a1\u6b0a\u8b49\u3002\u5176\u5f8c\u5df4\u90e1\u628a\u666e\u901a\u80a1\u6301\u5009\u589e\u81f3\u903e\u56db\u5206\u4e00\uff0c\u4e26\u53d6\u5f97\u76e3\u7ba1\u6279\u51c6\u53ef\u589e\u81f350%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u55ae\u8a08\u512a\u5148\u80a1\uff0c\u6bcf\u5e74\u80a1\u606f\u7d046.8\u5104\u7f8e\u5143\uff1bOccidental\u8a08\u5283\u81ea2029\u5e74\u8d77\u8d16\u56de\uff08redeem\uff0c\u5373\u767c\u884c\u65b9\u4ee5\u7d04\u5b9a\u689d\u6b3e\u56de\u8cfc\/\u511f\u9084\uff09\u8a72\u512a\u5148\u80a1\u3002\u53e6\u65b9\u9762\uff0c\u5df4\u90e1\u65bc2025\u5e7410\u6708\u540c\u610f\u4ee597\u5104\u7f8e\u5143\u6536\u8cfcOxyChem\uff0c\u65e2\u70baOccidental\u63d0\u4f9b\u73fe\u91d1\u6e1b\u50b5\uff0c\u4e5f\u70ba\u5df4\u90e1\u589e\u52a0\u5168\u8cc7\u696d\u52d9\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u91cd\u9ede\uff1a<\/strong>\u9019\u8207\u96ea\u4f5b\u9f8d\u4e0d\u540c\uff1a\u96ea\u4f5b\u9f8d\u5c6c\u53ef\u96a8\u6642\u589e\u6e1b\u7684\u6d41\u52d5\u6301\u5009\uff08liquid position\uff0c\u5373\u5bb9\u6613\u8cb7\u8ce3\u3001\u4e0d\u6613\u5f71\u97ff\u50f9\u683c\uff09\uff1bOccidental\u5247\u6d89\u53ca\u512a\u5148\u80a1\u3001\u6b0a\u8b49\u3001\u666e\u901a\u80a1\u53ca\u4f75\u8cfc\u4ea4\u6613\u3002\u5df4\u90e1\u5927\u5e45\u6e1b\u96ea\u4f5b\u9f8d\u3001\u4f46\u4e0d\u52d5Occidental\uff0c\u662f2026\u5e74\u9996\u5b63\u7533\u5831\u6700\u660e\u78ba\u7684\u8a0a\u865f\u4e4b\u4e00\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">7. Alphabet\uff08GOOGL\uff09\uff1a\u4f546.32%\uff0c166.3\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>A\u985e\u53caC\u985e\u5408\u517157,835,013\u80a1\uff0c\u8f0317,846,142\u80a1\u5927\u589e\uff0c\u589e\u5e45224%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Alphabet\u662f\u7d44\u5408\u4e2d\u6700\u91cd\u8981\u7684\u65b0\u968e\u6bb5\u6301\u5009\u3002\u5df4\u90e1\u65bc2025\u5e74\u7b2c\u4e09\u5b63\u5efa\u7acb\u6301\u5009\uff0c\u4e26\u65bc2026\u5e74\u9996\u5b63\u518d\u589e\u6301\u903e\u4e09\u500d\uff0c\u984d\u5916\u8cb7\u5165\u7d044,000\u842c\u80a1\uff0c\u4f7fAlphabet\u7531\u4e2d\u578b\u6301\u5009\u8e8d\u5347\u70ba<strong>\u7b2c\u4e94\u5927\u6301\u5009<\/strong>\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u6b64\u8209\u4ea6\u5177\u8c61\u5fb5\u610f\u5473\uff1a\u5df4\u83f2\u7279\u66fe\u516c\u958b\u8868\u793a\uff0c\u932f\u904eGoogle\u662f\u5176\u91cd\u5927\u5931\u8aa4\u4e4b\u4e00\uff1b\u5176\u5f8c\u898b\u5230GEICO\u9577\u671f\u5411Google\u652f\u4ed8\u5927\u91cf\u641c\u5c0b\u5ee3\u544a\u8cbb\uff0c\u537b\u672a\u6709\u53ca\u65e9\u6295\u8cc7\u3002\u5df4\u90e1\u65bc2026\u5e74\u5927\u624b\u589e\u6301\uff0c\u6b63\u503c\u5e02\u5834\u8a0e\u8ad6AI\u804a\u5929\u6a5f\u68b0\u4eba\u6703\u5426\u4fb5\u8755\u641c\u5c0b\u5ee3\u544a\u76c8\u5229\uff0c\u53cd\u6620\u5df4\u90e1\u62bc\u6ce8\u641c\u5c0b\u53ca\u5ee3\u544a\u8b77\u57ce\u6cb3\u4ecd\u5177\u97cc\u6027\uff08durable\uff0c\u5373\u4e0d\u6613\u88ab\u7834\u58de\uff09\uff0c\u4e26\u8a8d\u70baAlphabet\u7684AI\u8cc7\u7522\u50f9\u503c\u672a\u5145\u5206\u53cd\u6620\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u91cd\u9ede\uff1a<\/strong>\u4ea6\u53cd\u6620\u6295\u8cc7\u5718\u968a\u5f71\u97ff\u529b\uff1a\u5df4\u90e1\u5169\u540d\u526f\u624b\u6295\u8cc7\u7d93\u7406Todd Combs\u8207Ted Weschler\u904e\u5f80\u8f03\u5e38\u4e3b\u5c0e\u79d1\u6280\u6301\u5009\uff1b\u9019\u4ea6\u662f\u963f\u8c9d\u723e\u63a5\u624b\u5f8c\u627f\u63a5\u7684\u7d44\u5408\u5f62\u72c0\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">8. Chubb\uff08CB\uff09\uff1a\u4f544.24%\uff0c111.6\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>34,249,183\u80a1\uff0c\u7d04\u4f54Chubb 9%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u65bc2023\u81f32024\u5e74\u4ee5\u4fdd\u5bc6\u65b9\u5f0f\u5efa\u7acb\u6301\u5009\uff0c\u900f\u904eSEC\u7f55\u898b\u7684\u4fdd\u5bc6\u62ab\u9732\u8c41\u514d\uff08confidential treatment exemption\uff0c\u5373\u5141\u8a31\u66ab\u6642\u4e0d\u516c\u958b\u6301\u5009\uff0c\u907f\u514d\u5efa\u5009\u6642\u63a8\u9ad8\u80a1\u50f9\uff09\uff0c\u76f4\u81f32024\u5e745\u6708\u624d\u62ab\u9732\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Chubb\u662f\u5168\u7403\u6700\u5927\u4e0a\u5e02\u8ca1\u7522\u53ca\u610f\u5916\u4fdd\u96aa\u516c\u53f8\uff08property and casualty\uff0c\u5373\u8eca\u96aa\u3001\u5bb6\u5c45\u3001\u5546\u696d\u7b49\u975e\u4eba\u58fd\u4fdd\u96aa\uff09\uff0c\u627f\u4fdd\u7d00\u5f8b\u5f37\uff08underwriting discipline\uff0c\u5373\u5b9a\u50f9\u53ca\u98a8\u96aa\u9078\u64c7\u56b4\u8b39\uff09\uff0c\u4e26\u5177\u570b\u969b\u5546\u696d\u4fdd\u96aa\u7db2\u7d61\u3002\u5df4\u90e1\u672c\u8eab\u6838\u5fc3\u662f\u4fdd\u96aa\u696d\uff0c\u5c0d\u884c\u696d\u76c8\u5229\u6a21\u5f0f\u719f\u6089\uff1bChubb\u53ef\u53d7\u60e0\u5546\u696d\u4fdd\u96aa\u50f9\u683c\u4e0a\u5347\u7684\u5468\u671f\uff08hardening market\uff0c\u5373\u4fdd\u8cbb\u4e0a\u5347\u3001\u627f\u4fdd\u6536\u7dca\u7684\u5e02\u5834\u74b0\u5883\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">9. \u7a46\u8fea\uff08MCO\uff09\uff1a\u4f544.09%\uff0c107.6\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>24,669,778\u80a1\uff0c\u7d04\u4f54\u7a46\u8fea14%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5df4\u90e1\u591a\u6578\u7a46\u8fea\u6301\u80a1\u4e26\u975e\u4e3b\u52d5\u8cb7\u5165\uff0c\u800c\u662f2000\u5e74Dun &amp; Bradstreet\u5206\u62c6\u7a46\u8fea\uff08spin-off\uff0c\u5373\u628a\u5b50\u516c\u53f8\u5206\u62c6\u6210\u7368\u7acb\u4e0a\u5e02\u516c\u53f8\u4e26\u5411\u6bcd\u516c\u53f8\u80a1\u6771\u6d3e\u767c\u80a1\u4efd\uff09\u6642\u7372\u5f97\uff1b\u5df4\u90e1\u4e00\u76f4\u6301\u6709\uff0c\u81f3\u4eca\u5e02\u503c\u7d2f\u7a4d\u81f3107.6\u5104\u7f8e\u5143\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u7a46\u8fea\u63a5\u8fd1\u6559\u79d1\u66f8\u5f0f\u7684\u5df4\u83f2\u7279\u751f\u610f\uff1a\u4fe1\u8cb8\u8a55\u7d1a\u884c\u696d\u8207S&amp;P Global\u5e7e\u4e4e\u5f62\u6210\u96d9\u982d\u58df\u65b7\uff08duopoly\uff0c\u5373\u5169\u5927\u4f01\u696d\u4e3b\u5c0e\u5e02\u5834\uff09\uff0c\u76e3\u7ba1\u53ca\u5e02\u5834\u6163\u4f8b\u4f7f\u8a55\u7d1a\u63a5\u8fd1\u767c\u50b5\u5fc5\u9700\uff08debt issuance\uff0c\u5373\u767c\u884c\u50b5\u5238\u96c6\u8cc7\uff09\uff0c\u696d\u52d9\u8cc7\u672c\u9700\u6c42\u4f4e\u3001\u5229\u6f64\u7387\u9ad8\uff0c\u76f8\u7576\u65bc\u5411\u5168\u7403\u50b5\u5e02\u6536\u53d6\u300c\u901a\u884c\u8cbb\u300d\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">10. Kraft Heinz\uff08KHC\uff09\uff1a\u4f542.78%\uff0c73.2\u5104\u7f8e\u5143<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u6301\u5009\uff1a<\/strong>325,634,818\u80a1\uff0c\u7d04\u4f54Kraft Heinz 27%\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Kraft Heinz\u662f\u5df4\u83f2\u7279\u516c\u958b\u627f\u8a8d\u5224\u65b7\u5931\u8aa4\u6700\u591a\u7684\u6301\u5009\u3002\u5df4\u90e1\u82073G Capital\u65bc2015\u5e74\u5408\u4f75Kraft\u8207Heinz\uff0c\u5f62\u6210\u63a5\u8fd1\u63a7\u5236\u7d1a\u5225\u6301\u80a1\u3002\u5df4\u83f2\u7279\u5176\u5f8c\u627f\u8a8dKraft\u8cb7\u8cb4\u4e86\uff0c\u4e14\u81ea\u5bb6\u54c1\u724c\uff08private-label\uff0c\u5373\u96f6\u552e\u5546\u81ea\u6709\u54c1\u724c\uff09\u7af6\u722d\u53ca\u6d88\u8cbb\u504f\u597d\u6539\u8b8a\uff0c\u524a\u5f31\u50b3\u7d71\u5305\u88dd\u98df\u54c1\u54c1\u724c\u50f9\u503c\uff0c\u5c0e\u81f4\u591a\u6b21\u6e1b\u503c\uff08writedown\uff0c\u5373\u628a\u8cc7\u7522\u5e33\u9762\u50f9\u503c\u5411\u4e0b\u8abf\u6574\uff09\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u91cd\u9ede\uff1a<\/strong>\u8a72\u80a1\u4ecd\u7559\u5728\u7d44\u5408\u6709\u555f\u793a\uff1a\u6301\u5009\u904e\u5927\uff0c\u5168\u9762\u9000\u51fa\u53ef\u80fd\u5f71\u97ff\u80a1\u50f9\uff1b\u5df4\u90e1\u6301\u80a127%\u4ea6\u4ee4\u5176\u66f4\u50cf\u300c\u5167\u90e8\u4eba\u300d\uff08insider \u5373\u5c0d\u516c\u53f8\u6709\u91cd\u5927\u5f71\u97ff\u7684\u80a1\u6771\uff09\u800c\u975e\u88ab\u52d5\u6295\u8cc7\u8005\u3002\u4ea6\u63d0\u9192\u5e02\u5834\uff1a\u96c6\u4e2d\u6295\u8cc7\u56de\u5831\u53ef\u9ad8\uff0c\u98a8\u96aa\u4ea6\u540c\u6a23\u96c6\u4e2d\u3002<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5176\u9918\u6301\u5009\uff1a\u7b2c11\u81f326\u4f4d<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u5c3e\u90e8\u6301\u5009\u66f4\u80fd\u53cd\u6620\u526f\u624b\u6295\u8cc7\u7d93\u7406\u53ca\u7279\u6b8a\u5b89\u6392\uff1a<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:list --><\/p>\n<ul class=\"wp-block-list\"><!-- wp:list-item --><\/ul>\n<p><!-- \/wp:list --><\/p><!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\u60f3\u5165\u624b\u300c\u5df4\u83f2\u7279\u7d93\u6fdf\u9ad4\u300d\uff1f\u5df4\u90e1\uff08NYSE: BRK.A\/BRK.B\uff09\u5e02\u503c\u7d041.06\u842c\u5104\u7f8e\u5143\uff0c13F\u80a1\u79682631\u5104\u7f8e\u5143\u9ad8\u5ea6\u96c6\u4e2d\uff0c\u73fe\u91d1\u53ca\u7f8e\u50b5\u52383974\u5104\u7f8e\u5143\u5275\u65b0\u9ad8\uff0c\u963f\u8c9d\u723e\u4efbCEO\u63a5\u68d2\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-52527","post","type-post","status-publish","format-standard","hentry","category-discover"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.10 - 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